One of the few tickers I like to buy shares in. I like this long (shorting oil ) at least to the 200 sma on the 4 hr chart. Pretty low risk setup. If it breaks my hard stop of $18.20, I'll be looking for some rsi divergence for a possible headfake.
Interesting. When you look at the inverse of oil, symbol SCO, you can see support over a very long period of time. It's almost as if it is poised to start climbing again! This is something I'll be actively monitoring.
23.5 looks like an important level, though its not clear whether it will hold as support. The technicals to me look somewhat bearish, but there's a strong (perhaps stronger) case for SCO to keep declining if oil bridges the gap it is approaching due to increasing demand and supply cuts.
The trend I referred to in my WTI chart earlier today: possible long for the inverse ETFs if oil can’t fill the gap; however this trend on SCO could just as easily not hold if oil does manage to fill the gap due to reopenings.
I got stopped out today by the squeeze happening in WTI.. This is what I'm thinking will be the path going forward, I thinking with option expirations the DXY has gone ahead and did the exact
opposite of what I thought was going to happen, and I remember thinking that the dxy break out looked rising wedge patternish when I was still watching the break...
Take a look at the SCO historical charts and see what happened on previous Crude Oil Futures Contracts expiry dates. Take a look 3pm on the each of the previous expiry dates. Expiry Date Calendar: www.energygps.com
What's up guys, just want to share my strategy with my followers. I am currently long ALGO (crypto) & XRP waiting only this weekend b4 I close off all open positions.
I closed my SDOW not because I don't think it will continue to rise as I feel strongly that the DJIA is pretty fucked. But because I want to short WTI crude.
I plan (if this works out) to close off...
looking at SCO for an entry around $16, not sure if this inverse WTI ETF will make it all the way down to the bottom of my triangle, but I will be monitoring this chart going forward as I think WTI
will most likely go negative futures again soon.
SCO is at a critical point right now. It seems that the large H&S has played out and quickly retreated after Trump tweeted about a potential deal between Saudi and Russia to cut oil production by 15 million barrels. No one knows exactly what the outcome of the OPEC talk occurring next Monday is going to be. If the plan falls through and political tensions...