The USO has likely completed the current corrective move and is ready to resume the bullish uptrend as part of an extended larger degree wave (3). While there is the possibility that the correction extends to target the 61.8% retracement of wave 1 around 10.74, the minimum number of sub-waves to complete wave 2 has been reached. Moreover, extended wave 3s tend to...
Energy stocks have rallied enough here. Unable to break key Fib level with divergent momentum and an OPEC that will most likely not come to an agreement. Oh yeah, and junk bonds have rallied way too far as well. All in all, this sector has had everything in the world go right to get to this point and it's still flagging. We could see some sideways chop for a...
These number are looking pretty close for two solid harmonic patterns looking at a potential reversal in USO to about the 10.32 area.
It's been about seven sessions since we first issued our real time rating on XLE as bearish, and we still believe there will be opportunity to the downside. Volatility should continue as headline risk prompts uncertainty in the markets. Even if Saudi Arabia did happen to freeze or reduce production, it could not be enough in the long-term to offset production by...
Feedback welcome! NYMEX:CL1! AMEX:USO FX_IDC:USDWTI AMEX:UWTI AMEX:DWTI
USOIL waiting for bat pattern
Retrace completed with notes. Follow for more!
Cup and Handle formation with an oversold indication on the RSI (Relative Strength Index). ~195 dollar price target.
After this massive run in oil we are beginning to see bearish divergence on the 1 and 4 hr MACD and momentum as well as price action making a double top around 46.76. Can see a pullback to 44 or lower before resuming uptrend or more downwards momentum towards the high 30s if we break support.
USOIL is forming a Head and Shoulders pattern on a medium/long term timeframe; it bounced off of the $26 dollar mark, allowing oil prices to rise to a high of approximately $52 a barrel, paying off handsomely for oil bulls. However, now concern is increasing as over extension and limited profit potential, oil bulls are beginning to take profits as selling...