Short USOThe chart of USO looks much overbought..
Buy Zone: $13.32 to $13.59
Stop loss: daily clsoe above $14
Target: $12.25 to $12.04
You can Buy DWT , SCO or any others that have Inverse relation with USO or USOIL
USO trade ideas
$USO rising wedge on HTFNo financial advise, always DYO Home work.
Naked charts, simple PA bearish bias on 3D:
- Rising wedge forming
- Volume dropping and price raising (no bueno)
- Gapped candles within the wedge. You know the rules: gaps must be filled
- Retesting important fractal (red box). Clean break through this fractal may invalidate current TA.
- Major liquidity pool below Lower Low ($7.67)
- I don't follow news, strictly PA. So major news releases may also invalidate current TA.
USO - Long on OilI went long on this I think Thurs or Friday. Higher highs and higher lows, nice basing pattern with breakout above triangle. My stop is @ $11.14 (about 10% plus is below swing low). Below $12.03, I would view as negative if it drops back into it's consolidation zone.
XOM looking nice today too.
I normally avoid ETFs as a general rule, but this ETF fit the pattern.
monthly expected move in 15 min intervals. oil and the path aheanotable things CBs are begging for price inflation gloablly. opec is being supportive. things look healthy supply demand wise in oil.we're about to enter into driving season. 1 thing that i've been turning back and forth on is how similar the setup in venezuala reminds me of the iran-contra affair. not necessarily right now, but slowly developing into. venezuala if many dont know has strategic resources necessary for US refinery dominance globally. we're gonna do what it takes to assure those resources are maintained. we shall see how this plays out.
input data:
monthly open: 11.95
current IV: 26.92
DTE: 30
Iv percentile 11%
1 standard +-
.75 standard +- (not listed) ($11.26 lower bound, $12.64 upper bound)
.5 standard +-
.25 standard +-
WTI:CAD- dovish tilt supports oil
there's a high correlation between canadian dollar and oil. although data was moderate that came out about inventories.
the moving/defining part of todays trade is the dovish tilt from BOC. the loonie fell supporting oil prices.
oil is on the ropes and refinery utilization is very much to be focused on along with inventory numbers as we prep for driving season.
i expect the sideways range to continue until mid april when the driving season comes back into play
USO-Option TradeAMEX:USO
Option: Put
Expiration: 18 APR 19
Strike: 11
Trade Goal: Double+
Entry: .45
Sell 3/4 @ 1.00
Current USO Position: Impulse Wave 5 (Down)
Fib Spiral:
Wave Count:
Will update.
-AB
USO Inverse H&SInverse H&S Pattern complete on USO, I believe this will be catalyst for rising oil prices, of course their are many more.
1. Falling DXY- The US dollar has just started a downtrend that I believe will be a trend for not just months, but years. Fed Chair Jerome Powell just put interest rates on hold until further notice. On top of that, the unwinding of bonds off the balance sheet just got takin off auto pilot. C'mon Powell, If the economy was really humming like you said It is why would we end the tapering process? It won't be long before rates go to 0% and we begin the QE process. It's 2008 all over again, this economy is at the end of the business cycle, a huge catalyst for commodities like Oil, Silver, and Gold.
2. Sanctions- Late last year President Trump imposed sanction on Iranian oil, while prices did fall let's not forget about these sanctions. Now the US just recently imposed sanctions on Venezuela.
3. War- The reason I put this one last is because of the Presidents withdrawal from Syria. But I do have It on here because of troop deployment to Venezuela, the Middle East, and of course China (Territory Battle). Anything could happen in the world, so we will see.
Good luck trading everyone!
-Not Investment advice.
US OILHello World!
Great chart has the US OIL FUND, it could be the confirmation of the bull market, all commodities are entry on this side of the force.
Hope to last a long way through the 2019
$USO long after weeks of #bearish movementUSO is finishing weeks of #bearish movement and we're ready for some neutral to bullish price action off the long term trendline support. Accumulating in this area is key.
$USO Inverse Head and ShouldersSuper bullish on USO with this inverse head and shoulders in the works.
UNITED STATES OIL FUND ETF (USO): Pivots, Supports & ResistencesFind Winning Trades In Seconds >> efcindicator.com (Special Discount)
UNITED STATES OIL FUND ETF (USO): All The Pivots, Supports & Resistences
USO Trade Setup - Long Term Bullish PredictionUSO - Bullish Long Term Prediction
With the oil fund bouncing off the weekly bottom
trendline support at 9.17, and a green candle over
candle formation and RSI issuance of a buy signal
on the oversold bounce, a break over the 8ma at
10.60 and a previous candlestick resistance break
over 11.09, price action could start to move towards
major moving average bull crosses at the 100ma 11.94,
200ma 12.47, 50ma 13.29, and perhaps even a run to
top trendline resistance around the upper $16's.
USO - oversold hook 20ma break retestUSO - January 5, 2019 Trade Setup
USO closed just under the 20ma at 10.21.
This oversold hook trade setup offers
profit potential with a Monday retest over
the 20ma and a break over Friday's HOD
at 10.38. Look for resistance at price
targets of 11.09 and the 50ma at 11.54
Oil has turned bullish. Buy July 2019 $10 Calls @ $1.50 or lessThe 3 EMA has crossed above the 12 EMA for a bullish signal. Oil goes up from January to July 80% of the time. Stop below the recent low plus 1%. Hal Lewis
USO due for a little bounce?See callout bubbles. Always measure your risk and be okay with being wrong ; ) Wait patiently and get the price that you want. Use the market. Don't let the market use you.
After an Epic Fall, Oil is Testing Major Rising Support! (USO)Hi friends! Welcome to this quick update analysis on the US oil market, via the USO ETF! Let's get right to it!
Looking at the daily chart, you can see that price has bounced on my rising blue trendline support, but we're now returning to it for another test. If at any point, the rising blue trendline fails to hold, price will likely fall to the next downside support level at 8.65. Now, the oil market is heavily oversold, but that doesn't mean that it can't remain in oversold territory, as prices move further to the downside. A bounce off of the rising blue trendline should send us up to 10.70 for a resistance test.
Happy Holidays Everyone!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
