USOIL looks to be showing signs of a trend reversal on the weekly, Overall still bearish long term on oil
Last 2 times oil had 4 red bars on the monthly, it followed it up with 3 more. Potentially seeing hitting a low of 23-25 by possibly Fall of 2018. although a bounce off resistance and completion of inverse head and shoulder are still in play
USO has completed the AB=CD Bullish MAPE, I'm expecting a bounce back to the .382 fib line or higher ($9.60 or so). Crude Oil Inventories Wednesday the 28th
Looking for a bounce in oil after hitting (near) a 52-week low. Looking for this one to play out over the next several months. $USO
looking for continuation in oil downtrend. strong buying in DWT past two weeks. Potential resistance in 33-34 area.
oil in descending triangle (or technically ascending? let me know) on 1hr chart. currently short, will exit with upward break, potentially add with downward break . $USOIL $USO
Upside very limited. /CL to test what May low gained first. If ur long ur wrong.
In the energy sector, we have noticed a possible speculative short on crude oil as we expect oil to depreciate by -1.60% by the next week. In our opinion, sellers might put pressure on the actual price particularly near the intermediate resistance which might limit an upside move to no more than 6.80% from the last daily closing price. USO USO...
H&S patterns that look so elegant usually break to upside in bull markets. Technically and fundamentally Oil is in a bull market. Look for price increases off of this $48/barrel level with price targets nearer $60/barrel into June & July 2017.
Oil broke the neckline of a head and shoulders. Downside target is $37~$38.
There's not much room left to trade in this range for "quick" trades. We can hit one last one with 2:1 risk/reward. I have been opening a half short position at the top of the range after closing out the long to profit as much as possible off this pattern. Looking at past summers and this wedge I can be optimistic for a big move.