USO is narrowing in an unusually tight consolidation in a normally highly volatile market. Something has to give. Oil is pinched between supply constriction and concerns about demand. But the trend remains to the upside. Watch for a shakeout to bust support followed by a trailing bid oppty.
Previously warned, there was a blow off top in Crude, and a retracement was expected. It arrived, albeit shallow. And the weekly CL1! chart shows a likely bearish scenario, I think the subtle little weekly tails tell an underlying bull story. Not that it is rubbish, but it is like a crouching bull there despite the bearish leaning technical indicators below. But...
Hi there is my view near-term on Crude in the nutshell: There are comcerns about global demand due extended lockdowns and vaccine shortage in Europe The Suez canal is free now TVC:DXY marching higher Concerns on rising yields TVC:US10Y "Archegos gate" in focus OPEC meeting this week For me its "perfect storm" for further decline in oil...
First of all: Where are we? For having a better idea about the scale and location of my analysis, I added this snapshot of the chart in the weekly timeframe: About the core of my idea: My analysis is based on the weekly AND 13h timeframe. Well, once again, I spotted an interesting downtrend channel in the weekly. And as always, I am waiting for the price...
We are talking US OIL today and some of the trades we have charted. Still holding a long position from 41 that we are comfortable with. Did take some of the position off but still large into it. Correlation stocks for us were: UCO and USO
formed a bear flag by wave (c) in massive weekly supply zone. Now iam expecting fall back to H&S pattern couple days back to test for demand in red area at $62.My sweet spot to short entry is in blue area which will be tested for supply between 64.34 - 64.87 here is data for my trade: ------------------------Trade setup --------------------------- Entry:...
Should not break to the upside here... but it's a very strong trend so it might. Would be nice to see crude plunge however.
USO is pulling back, with key confluence support potentially in play in the $39 area as the oil market braces for a major OPEC+ decision later this week.
Hi guys, nice looking top on NYMEX:CL1!
Seldom post about Crude Oil but this is too obvious to miss and a very good learning point... You see, Crude (and Energy) has recently been on fire (almost literally) with the rise of Crude oil due to many factors in recent months. The thing is, warning signs appear to tell of a retracement pullback, or even end of bull run. The Weekly chart kindly heads up with...
Good morning, as you can see from the chart we are coming into the last reistance level for WTI Crude oil at 63.3-63.4 range. From there a clean break above and we open up the 66-76 level for oil. Watch in conjunction both USO and UCO as indicators of the strength of the move.
With Oil (gas prices) on the rise and the recent winter storms in Texas slowing production, a long with announcements that demand for oil is increasing; USO turned green on on the last hour of trading. Entered a 41/40 PCS for 0.23 3 DTE below the daily low. AMEX:USO
We are comfortable holding long term USO between $38 and $45 based on current global environment and trading structure. There is a long term trend line that sweeps through at $38 that heads to $39 slowly, very slowly which is easier to take advantage of. Still targeting $45 on the long term that is a safe place to take a position off this trade but continue the uptrend
Anyone with a brain knows where we are heading.. Take a lesson from Texas. Long here for USO and Oil and gas in general. Especially with a Biden admin. Opposites attract... Good luck!
Commodity trade by another means! Just work in a long position with fundamentals. p.s. Check-out the closing price line chart for line placement -
India (INDA) & Japan (EWJ) equities very bullish from late 2020 - helping Oil (USO) and Resources (DBC) to also soar.
Moving averages and volume in and of themselves can tell an interesting story. Is a Wave 3 under way in a new bull? $DRIP $GUSH $XLE $CL_F $USO $NG_F $UNG $BOIL #Trading #ElliottWave #CrudeOil #OOTT 🛢️
With a break of the trend line and confirmation of that break today (Friday Feb 5) we will look for the next level at $45 a share. With pricing in oil going higher and more demand appearing in the market