USO

Oil has had a nice bounce from the Jan 2019 lows, and I believe it's time for a little pullback. This 59.60 - 60.00 area is an important pivot point, exactly sitting at the Fib 0.50 line, which will prove very hard to be broken. We consolidated in this region back in 2015 and fell hard. Remember that we are in a secular bear market, and this up movement from the...

Daily Chart.

The chart of USO looks much overbought.. Buy Zone: $13.32 to $13.59 Stop loss: daily clsoe above $14 Target: $12.25 to $12.04 You can Buy DWT , SCO or any others that have Inverse relation with USO or USOIL

... to finish after I was rudely cut off, options returns are a bell curve based on duration, you never want to hold them until expiry unless you are planning on taking delivery! (*Note to tradingview - performance should increase for paid subscriptions)

When price Arrive to the supply zone we consider to short this market make sure follow me I will update the trading idea once we get close to the zone or we hit it .

...after a few days of consolidation around the 61.8 retracement level of the October to December 2018 decline.

Section 232 Uranium tariffs this month is likely to be a driver on the natural gas price ultimately pushing Chesapeake higher!

API data released at 4.30pm EST on Tuesday show a "surprise" build, however, with expected weakness in hard data there should be no surprises. EIA data will either confirm or deny API's release.

Crude has reached and surpassed our expected target of $61.60 for a reversal. Look for weakness into the close of day today.

$SPY and $USO have been in sync since late December

We can see slight higher highs from here, however, I expect to see a reversal somewhere between the current price and $61.60

With section 232 Uranium tariffs around the corner, natural gas is lining up perfectly for an event-driven opportunity to get long!

Commodities are typically the last asset to peak during a cycle. We typically interest rates peak first, a couple of months later that followed by equities and a couple of months after equities we see commodities peak. Commodities such as crude oil, are part of the contraction phase in the cycle, the higher the price rises it begins to acts as a tax on consumers...

Chesapeake is likely to see some real buying into April if section 232 tariffs on Uranium are passed (high probability)

I think we head remarkably lower before we break out of this long-term downtrend. The triangle will be breached eventually, but I believe the $35 target level may be in order this year before moving higher again. What will they use as an excuse for such a scourge? "Saudi/OPEC turns on the taps to fight US Shale oil market share?"

65% of crude oil demand is derived from gasoline, with economic conditions weakening we are now switching from supply side issues to potentially demand-side issues. Watch for lower levels of demand for Crude over the coming weeks.

$uso $uwt $dwt $usoil Took a short position yesterday (3-21) based on this broadening pattern. It will probably spike up a few times but I suspect it's going down down

XOP has been bullish and grinding higher. Playing consolidation at lower prices via options and DRIP etf.