As the global economy continues to slow, and as global macro headline risks become more prevalent, oil has been the one asset that has felt the brunt of these developments.
After suffering its worst week on record, loosing over 6%, oil is experiencing quite a bit of bearish activity. On technical level, oil is trading below both its 10-Day and 50-Day EMAs for the...
Today after a big down move yesterday will be looking to see if oil is just going to consolidate sideways, will be watchful for any impulsive moves out of the area set out and then take a long or short based on how the market performs, will update as the info flows in
The United States Oil Fund has most likely completed its technical pull back on the 1W scale and has resumed the bullish bias (RSI = 57.828, MACD = 0.080, Highs/Lows = 0.2614). Being well supported by all the underlying trend lines, this is probably an early buy signal towards the 16.25 1W Resistance. We are long on USO with TP = 15.00.
** If you like our...
I would love to ramble about geopolitics, but that aside, the real deal I see is bear overreacting party here.
Elliott wave approach:
ABC corrective wave is completed. It's time for a bull run.
Trend line approach:
3 times tested channels is having a fourth try.
Daily Exponential Moving Average +SMA 50/100/200 are showing 4 supports and 2 resistances.
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)