APosner
Long

USO is breaking out

BATS:USO   UNITED STATES OIL FUND
407 4 0
Oil             opened higher, swooned with stocks lower on Senator Reid's comments, and finished higher when the day was over. From a technical perspective today's candle is a Dragonfly Doji. The Dragonfly Doji is a bearish reversal candle which is reasonably reliable - if so why is this a breakout. In order for the Dragonfly Doji to be confirmed prices will need to open lower tomorrow and finish lower tomorrow. With the price action above resistance odds are this candlestick pattern will not be confirmed but instead rejected and prices will move higher.

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APosner PRO
3 years ago
So far this AM oil is higher - we need a close higher to cancel the Dragonfly Doji. Sometimes a failed signal is the best signal of all!
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APosner PRO
3 years ago
Didn't make a higher price but held above support - push to Monday
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APosner PRO
3 years ago
We are dancing around the $33 dollar level which is somewhat analogous to $90. A close below $90 would invalidate the signal.
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APosner PRO
3 years ago
USO finishes higher - very bullish
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