USO trade ideas
USO - ETF will riseUSO: United States Oil Fund
- Most active strike prices are the weekly 1/10 $13.50-strike calls
- People are betting on USO will break out above $13.50 next two weeks
People are buying on this ETF because of what happened in Iran, crude oil futures, prices, and all else related are due to rising tensions. The assassination of Qassem Soleimani impacted the market yes, (SPX -0.71%, COMP, -0.79%, and DJIA -0.81%), but his death's biggest impact would be on the price of oil & gold.
Looking at USO, we can see that it has been in a bull trend since October of 2019 (2-3 months), and has gapped above it's previous resistance level of $13.00-13.15. A double top should still be something to be cautious about, but the recent news only makes this ETF much more appealing to trade.
technicals: Used fib extension to draw levels, worked wonderfully. Tested $13.35 level once and got rejected, if this level breaks on Monday, can see the next price target at $15.00.
- MACD: volume doesn't showcase anything as of yet, looking for a strong bull signal, be wary of fakeouts
- RSI: started to finally touch oversold area, good bull signal
USO looking great for this uptrendAs you can see from the daily chart, the Oil is being in an uptrend since mid Oct, and I expect this trend will continue until at least we have a double top. I’m staying long until I hit my target, which will the next resistant line at $13.25.
If you agree with my analysis, please share your thought. I would love to hear from you.
$USO Stumbles Into Major Catalysts to Close Out the WeekUSO
The United States Oil Fund LP (NYSEARCA:USO) is an exchange-traded fund that attempts to track the price of West Texas Intermediate Light Sweet Crude Oil.
One other major macro factor in the current scene guiding the macro picture for markets is the performance of the oil market.
Right now, both energy stocks and the oil commodities market are largely defined by the process of Saudi Arabia gearing up to go through the IPO of the largest energy company in the world, Aramco. Don’t think for a moment that this is not a primary concern for those involved in the largest positions dominating the oil market. Aramco, and its success as an IPO, I one of the defining points across all asset classes at present. The Aramco IPO will unquestionably be the largest IPO in stock market history.
And the relative performance of oil as a commodity market will be the number one input defining exactly how much that IPO is worth.
In addition, tomorrow will bring us the results of the latest OPEC meeting, in which the countries in control of OPEC’s destiny will decide whether or not to do further production cuts to support the price of oil.
Traders will want to pay special attention to this catalyst as it unfolds today.
Read More at: dailytrendingstocks.com
Seguimiento SS USO 28/10/2109 (gestión activa)Seguimiento del SS USO con vencimiento el 01/11/2019 (gestión activa)
Segumiento USO 11/09/2019Seguimiento del short strangle sobre el ETF USO con vencimiento al 01/11/2019
respect the boundaries Hate to say what I'm looking to happen overseas for another event but if that's what it takes then I'll be ready.
Options: Dec exp, bull call spread ITM. Will adjust as needed. Not a big fan off cutting off a leg but I will if that boundary confirms bullish continuation.
USO t.a. & set up 10/7/19USO was recently overextended at the RSI30 area and the price bounced at a common major support level @ 10.67 area. Price action is now breaking above previous resistance @ 11.12/11.13 level (reference 5min chart for clearer view). Price also broke above the EMA10, and is re-testing resistance @ EMA21 key level on the 4 hour chart, signaling the uptrend may continue if price breaks out above EMA21.
Possible entry:
@11.19
If intraday momentum supports uptrend and price action on 4 hour chart breaks above the EMA21
Stop: any break below back into consolidation area around 11.02 @ -1.38%
Exit: target SMA200, based on USO history, SMA200 is known to act as a major resistance level on the 4 hour chart. 11.61 area @ +4.07%
(OR) exit @ any "end of day close" below the EMA10 during uptrend. Convert stop to this trailing stop if short term uptrend above EMA21 confirms.
USO Green line represents 2 weeks until payout for easy returns from the dump USO just took.
All other zones are longer holding approaches.
Not a professional trader...
USO --- pressure in the Middle East, nothing but a distractionlets see if WTIUSD hits low to mid $30s; then time to long
USO; Breakout with Gap - BullishUS Oil is breaking out of the trend line with a gap up.
EP: 12.00
TP1: 12.63
Still heading lower..Looking at 78 to 88% down to a lower D point.
Observing 10.00
FYI I dont trade this. Just learning about new markets and behaviors and posting for back testing. Thanks everyone.
Oil Should Go Up From HereContrary to common beliefs, US shale is not gonna put oil to death, only to delay the inevitability of its rise ...
USO - Oil RetraceCharts signal a one or two day drop in oil prices. Going all or nothing on USO weekly $12 puts, only 20 contracts though.
Will flip the puts by COB tomorrow, win or lose.
Note: This is a quick flip, it may have another leg up long term. Depends on Iran, though I think both Iran and Trump are all talk with no balls.
Due for a bounce?Good day folks,
I think we could see a bounce in the oil futures. Attacks on tanker, G20 summit, OPEC, etc. this could move the market in the short term.
The VI is rising and so is the RSI.
My target is 12.00, then we'll see.
Thank you,
