Looking for reversal upon the 0.618 or 0.786 zone, this chart is right in line with USOIL, unlike GUSH, which is lagging well behind USOIL. Building a solid bottom along the 0.618 level. If USOIL moves lower to the $72.00 range, we could see a prime entry at the 0.786 level on UCO of around $20.90.
* Strong up trend due to macro situations
* Printed a Pocket Pivot as it bounced off of broken resistance
* Looks good on multiple time frames
Sector: Exchange Traded Fund
Relative Strength vs. Sector: 3.02
Relative Strength vs. SP500: 4.05
U/D Ratio: 1.62
Base Depth: 56.08%
Distance from breakout buy point: 4.42%
Volume 37.69% above its 15...
here is on of the reason why i am shorting $UCO at 180 , first of all ..... look at the graph ...uco had been trying to go over high 180 's 4 times and failed every single time , i think this time we are moving lower down to 150
I see a good shorting opportunity in the future around late Jan to mid Feb.
I'm waiting for similar overbought conditions of the indications as circled and a break of the wedge.
Other things too look for is a break of supertrend and movement under hull.
200 day moving average (light pink line) should be strong resistance if it can breakout above the orange...
Bought shares & calls on this immediately after the explosions in Afghanistan. 3 hrs later Ida was upgraded in the Gulf. And that's just tip of the iceberg with what crude prices face currently. Holding this position through the weekend. Was temped to roll into SPY puts, but OIL the better setup right now...
We have a clean break of the resistance at $51 for UCO and now look for the next level, which is a long way off at $117 range. But we will hold as long as oil production has stopped in Texas and the pipeline system is off-line temporarily.
Finally after sitting on UCO for months we are at the resistance level of 38.xx if we can break past this our next target is 51.xx range.
Sitting on a few shares of this always is a long shot but a good chance to get back into oil.
UCO is at the top of it’s 4 month downward trend channel. That’s a good spot for a short entry on a crude oil etf. My 12/24 target is $21. US crude oil inventories rose 4.6 million barrels last week, missing expectations for a draw of 900k barrels. US coronavirus cases hit another new daily high record today with 140,543 reported. Renewable energy is where to be...
Two months after UCO reached the top of its channel, it had moved down and slowly meandering its way back up again. But what if UCO is slowly ascending to the next level? Its drop on Aug 12 might have been a set up to try to gather enough energy to continue moving upward. However, it won't be without drops and sideways movements in between. The next level to reach...
Crude oil has been in a massive ascending wedge with UCO currently on its way to around $33. Its a nice little play at the moment, but on hitting that upper resistance and perhaps melting up we might see a catastrophic fall (probably around the same time people clue in to the fact that our economies are all screwed and no one is spending money anymore, or OPEC+...