USO continues to follow the purple downtrend I drew last week. The short term bull trend couldn't hold and today opened below the support levels (shown as 1st the horizonal purple line). I was able to get cheap $3.5 calls at market open, and could've taken a 75% profit but decided to chase more gains (bad move) and the market closed with my options up about 30%...
Little Leading Diagonal in Oil Prices on the 15mn Time Frame?
The WTI can pump at any moment, to be honest. We are at incredibly low prices! Lower algo target is set at $5.21. Bullish divergences all over the place... What will be the impact on indices if we bottom?
Amazing what is happening with OIL. especially USO. I know there is a lot of fear in the market...but imagine you were sitting on some cash (cause you listened to Matt about financial markets being overbought and you protected yourself). Imagine you bought USO at this level...imagine in 10-15-20 years what that position could look like? Sure we could all go...
WTI hit my $16 target..... Loading up at $3, along with some June calls.
USO is at risk of liquidation. Retail investors have poured in, thinking it's a bargain way to buy cheap oil right now. But it holds too much exposure to WTI futures contracts that may turn negative, which would destroy the ETF.
Who really needs OIL anymore? We have the sweat and tears of the new investors trying to figure out this market, right? Wrong! Donald J Trump, chicken nugget of the United States of America, is running out of baby batter. A glowing tan is important for president, if not, how can be young and nimble? Answer: CANT. Ok let's predent do some technical analysis:...
few bids filled at $2.45 this morning looking to slowly add to this name
Algos targeting $5.21 in oil prices (OANDA CFD here). First green algo target reached at $12.91. Bullish if the pitchfork median lines remain untouched!
This is a follow up from my March 27 posting suggesting a possible bottom in oil. See link below. From the 2 hr chart you can see the last downtrend line has been broken and price has gone above the the previous short turn high which supports the bottom may now be in. Short term I think a rise to the 35-40 range in likely. Drop below the short term up channel is...
Here is how it looks to me. Have had a .62 correction. Wave form seems to fit to me . Process your way.
Our green box has been hit. Algos targeting $6.8 and $5.3.
As suggested some time ago, an extended 5th could occur in USO... and it's happening. We may bottom around $1.92 or $0.95. Currently at $2.6 in pre market. This is possibly one of the most dangerous falling knife ever :knife:
Yesterdays epic negative oil prices were due to the fact the CL1! Futures expiration was 21.04.2020, therefore all unsettled contracts had to undergo a physical delivery in the Oklahoma Terminal. The problem however is that the storage is 70% full already and any level above 80% is considered dangerous from the technical point of view. There is nothing...
First, we look at the 1 week chart and establish there's an overall bearish trend. This is indicated by the downwards purple trend lines. Then we zoom in to the daily chart for more details and establish a level of support, indicated by the horizontal purple line. We also determine the short-term bearish signs and determine there's a loss of momentum. This new...
SHORT TERM ONLY/ BULLISH CRAB PATTERN + BAT PATTRN/ $USO $UWT $DWT
lol speculator thinks oil will go to zero, seems like stupidity is contagious bear trap elow support buy and forget it
Crude just hit $13. either we bounce here or oil is dead forever. Long term, i think its very unlikely for oil to stay this low for long. Just look at these companies break-even cost for oil. www.reuters.com to summarize -Russia break-even cost $25-$30 per barrel I would imagine that applies to most of the middle east countries. In addition to that, most oil...