Move to higher local highs expected. Buy USO and short TSLA
Critical time for crude. Is this an overshoot of the DTL, or something more ominous like what shown in red? Credit to Arkady Yakhnis at elliottwavetrader.net for his assistance in Elliott Wave counts.
United States Oil Fund seems in a downtrend continuation. Shorting the pullback seems a good idea. A strong breakout on the black downward trendline could change the trend direction.
USO setting up base for wave 4.
If the resistance breaks were are headed to 42.
There is a disconnect between market and Oil. First half of the year there were inseparable!
It looks like a cup and handle is pattern is in the process of forming, right now we are in the consolidation portion of the handle, any break would see a rise upwards easily into the 60s.. I do not have a specific target price, but it looks quite attractive to enter at this point in time for an upward move. The recent EIA report was supposedly bearish, but...
If we don't come back above $45.80, further downside is imminent!
Possible breakout for USO the oil. See the full newsletter here: forum.marketstockoptions.com
Quick dip play then exit positions till after BREXIT
Time is early right now....At the "Area Of Interest" .... Any failure below 43.67 on a closing basis triggers a possible attack at the 41-39 area.
Oil will retrace to bottom of previous bear flag. It should hit around the time as Rig Report. Rig build will push it lower.
Early May we discussed that bulls were attempting to absorb supply and that prices should breakout and test the next level of resistance near $13.00. It has been a great 14% trade; however, cumulative demand is contracting. It does appears to be worth the risk of giving profits back. Anticipate we will start to see some liquidation to protect profits and reduce risk.