USO trade ideas
USO - 4hrMonths ago I'd posted skepticism that THE LOW could be seen on 3 waves in Feb. Since then, price has continued higher than I'd initially expected for the green wave iv. The green count is still valid - and last week I exited a swing short from near the June top. Given the time spent consolidating instead of breaking lower in a presumed green wave (iii), I'm again considering the possibility of a Leading Diagonal (which assumes THE LOW was seen in Feb).
Contemplating a long trade IF price holds over 10.18 region (micro count allows for one more low below 10.51 but its note required). The next rise should be corrective as prescribed by a diagonal - something like the (a)-(b)-(c) in v of 1 (white count). Could be a difficult trade, so I'll take it one move at a time. Strong decline without breaking back above 11.12 would be an indication that the green count is continuing.
Potential Bearish trapIf this will be bearish trap which I saw a lot of times and play breakout it will be nice trade.
USO change coming or more of the samesee chart, I believe more trend down, once we break this major support area.
Short this baby! USORisk off move, weak hr trendily support.
Call credit spreads
trading light though Summer is no time to risk on low liquidity
USO / Oil - Possible breakoutPossible breakout for USO the oil.
See the full newsletter here: forum.marketstockoptions.com
Pitchfork breakdownI don't use pitchforks normally, but I saw one could be set up pretty easy on this chart and it's having a nice break down and out of the indicator.
the 12.50 pivot was a also a previous support pivot last August.
I could see the next major support being provided around the 100DMA
USO - Pull back!USO is pulling back. We are heading into a major support and we can play the bounce!
Bullish on $USOA series of bullish divergence suggests that the bottom is in for $USO. Time to go long.
USO - 2hGiven negative divergence on technical indicators, I took a short positions on USO and /CL earlier this week near the high. USO *may* have stopped below the 1.00 extension (12.64) of green minor waves i-ii. This would support the green iv-v of 5 of (C) <7.02. A corrective decline, however, would suggest the white bullish count could continue. This negative divergence isn't characteristic of a 3rd wave, so I'm cautiously short.
Almost hit my 18% goal. Risk increases into resistanceEarly May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.
USO - ALGOS everywhere!Looking at yesterday price action, algos are in charge everywhere and toward up!
USO at 200DMA, observing resistanceDefinitely bearish feelings here, $DXY has found support the past week and along with the small recent USD rally we find $USO has run up against the 200DMA.
The 10DMA (drawn in blue) has provided support in the past, so waiting for a break down there would be wise IMHO, although I suspect we're about to roll out the red carpet soon.
The previous oil chart I did calling for a short bounce lasted longer than I suspected, as $DXY has been weak since the beginning of the year and has just started to find something that resembles strength.
Thanks for reading, good luck to all
