AMEX:USO   UNITED STATES OIL FUND
363 8 2
USO has been stuck between a few critical Gann percentages. The 75% combination support/resistance level is a key breaking level for about 20-25% upside. This could be an interesting play should the Iranian issues drive up investor speculation in oil             . I'm stalking this chart waiting for either weakness to the downside, or strength on a breakout above the ~$40 level. This is a very clear buy should USO drop to the ~$30 level again.
StockFxMarket
4 years ago
 
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mrd2015 StockFxMarket
4 years ago
Thanks for checking my math Commander. The red drop should be the -66.67% level, and the blue 33% level corresponds with a -75% (red) from the high. Also, please note that I'm not using the built in Gann models, simply using Gann percentages (such as 119.18 * (1-.6667) to get the 66.67% ~$39 resistance level). That is, when I can do math correctly. I'm not sure how to edit this chart with the correct "66.67%" label, or I would change it. The math doesn't change a whole lot as far as the significance of the resistance/support. 66.67% is still a strong Gann support level (although not as grand as say 50% or 100% levels). When you see two Gann levels coinciding around the same levels from major highs and low (such as the -66.67% from the all-time high and the +75% from the most recent low), you can expect strong support/resistance around that level. Thanks again!
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billy_bucks mrd2015
4 years ago
This is very interesting. You use a square of nine?
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mrd2015 billy_bucks
4 years ago
Hi Vlad. I do find the square of nine very interesting, but I haven't mastered its correlation into financial markets yet. I'm still fairly new to understanding all of Gann's discoveries, but if/when I find a consistent use for the square of nine, I'll be sure to post a chart for you. Until then, simply using percentages can provide a wealth of knowledge on upcoming support/resistance lines. The angles built into tradingview aren't the best, so I haven't been fully utilizing those. Cheers.
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StockFxMarket mrd2015
4 years ago
ok,but this 75% was very interesting for me and check it...agree with your analysis and i like it
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mrd2015 StockFxMarket
4 years ago
Thanks!
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