Daniel Urdaneta
Short

USO short: fading the short-covering rally

AMEX:USO   UNITED STATES OIL FUND
25 0 0
Short-term play: Short USO opened con Thursday Sept 3 @avg. Entry Price 15.31.
Rationale:
- Short-covering rally that lost steam at the 50-day MA (Not pictured, around 48.75$ WTI).

- Nothing changed on the fundamentals during the rally... Save for some OPEC comments about getting "fair prices" for Crude Oil             . Nothing onof substance still, though

- Shooting star on 4hr candle (where I decided to short). This week it's also opening AND trading below swing MA(9). RSI (14) I'm 4hr went over 70 and now it's back to the channel.

- 2 Lower highs during the week after the apex of the short squeeze

- Targets and stops like shown. Timeframe should not exceed the week ending Sept 11th.

- If the setup respects the bearish trend , I will be moving down the stop dalily, a few ticks above the last day's high.
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