I think by end of day we will see a decent decline in oil. USO will test 4.5 by EOD as nerves grow on a OPEC deal. I don't believe a favorable deal will be achieved between Saudi, Russia, & US on Thursday, which fill further plummet oil. Saudi & Russia are looking to claw back market share from the US and want to see US shale belly up.
USO is pinned in a zone that equates to $30 and $20 in WTI Crude Oil futures as we approach Thursday's emergency OPEC meeting -- if it even happens. The Russians and Saudis need the US to find some way to participate in production cuts. Otherwise, that $20 level will likely be back under pressure.
USO has been beset by terrible obstacles as the OPEC-plus structure breaks down, and Russia and Saudi Arabia look for ways to get the US into the global oil policy fold. The "Bounce of Hope" is up against tough odds here, and the COVID-19 lockdown theme continues to destroy demand. Be wary of hope.
EXCHANGE-TRADED FUNDS ORDERED BY IMPLIED VOLATILITY RANK: USO 67/167 EWW 57/73 XLE 57/87 XLU 57/53 GLD 51/32 EWZ 50/85 XOP 49/105 SMH 47/58 GDXJ 44/86 XLF 41/53 FXI 32/39 GDX 31/66 TLT 30/25 BROAD MARKET EXCHANGE-TRADED FUNDS ORDERED BY IMPLIED VOLATILITY RANK: IWM 59/60 EEM 46/49 SPY 47/58 QQQ 46/44 EFA 39/45 FUTURES ORDERED BY IMPLIED VOLATILITY RANK: /NG...
USO USOIL I expect great recovery as OPEC have to agree on terms of flow and price of oil. It's great investment now with minimum leverage (max 1:5) Invest/Trade with proper risk management.
To gain an edge, this is what you need to know now. Trump The Maestro Trump, the maestro, successfully ran up the stock market over 500 Dow points by apparently giving the wrong information and media proudly touting it. Trump stated that Saudi and Russia had reached an agreement to cut oil production by 15 million barrels a day. This caused oil to spike up...
If holds below can't rule out a trip down to ~17 ...
With the corona virus situation going on, we know a few things for sure. 1. That is manufacturing has slow down globally = Low demand. 2. Russia Vs Opec on who can produce more oil = High Supply. these two things are a disaster in progress for Crude and it will continue to be unless this corona situation get under control. a lot of people are like, OMG CRUDE...
Would not be surprised to see a good bounce from here. Looking for price action to confirm. Have a great weekend. Stay well.
Pictured here is a bullish assumption diagonalized call ratio spread with two times the number of long calls at the 90 delta strike in October as the number of calls in the front month with a 4.45 break even versus 4.47 spot. As of Friday close, it's priced at a 4.89 debit and had delta/theta metrics of 134.84/.45. I generally visualize this setup in two,...
With Saudi and Russia oil war still looming, we should still feel pressure on oil prices. We expect price to play within our rising channel and break at least towards 22.00s.
There’s a huge supply scare approaching our shores, but I think it’s priced in at this point. We got the news March 8th and the markets made there moves. Shutdowns were announced a week later and market dipped lower. We are now talking about reopening... Plus a weakening dollar. Oil industries reducing capex across board. This is all adding up to be a slow...
Good morning traders ☕ Updated #Elliottwave counts on our Discord platform: #BTC, #XRP, #LTC, #SPX, #NDX, #Oil… Is the #WTI going to bottom at $17? Happy trading! 🏄
OPTIONS LIQUID EARNINGS ANNOUNCEMENTS: MU (77/112) NKE (74/103) EXCHANGE-TRADED FUNDS ORDERED BY IMPLIED VOLATILITY RANK: EWZ (91/132) USO (89/210) XLU (84/76) GDXJ (82/141) XLE (77/109) EWW (76/105) SMH (73/105) TLT (71/47) XOP (63/154) SLV (73/79) GLD (63/37) FXI (61/63) GDX (57/106) BROAD MARKET ORDERED BY IMPLIED VOLATILITY RANK: IWM (76/71) EEM...
I'm seeing 10 dollar jumps in oil off this trendline- Clearly it's volatile and scary to trade right now. The media is scaring everyone shitless with no where to hide, but we have a bottom coming. I'm not sure we will touch the lower trendline, but if we do expect another 10 dollar pop, if not higher. Resistance is at 40 and I expect to see reached whenever...