USO: 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
- 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