Crude oil has been one of the strongest assets in 2022 as economies reopen and war drives up energy prices.
This chart of the U.S. Oil Fund highlights the series of higher lows since mid-March. Prices have remained trapped below roughly $82 during this period, but closed above the level on Monday. Will that potential breakout draw buyers from the...
USO appears to be trading in a Rectangle Top.
This pattern is neutral until a trendline is broken with a confirmed trend in that direction.
Possible targets for a break to the upside in white over price. Possible targets to the downside in orange type below price.
No recommendation
The investment seeks the daily changes in percentage terms of its shares’...
Nothing has really changed fundamentally in crude oil; the technical picture has been updated to a wedge to reflect the recent price action. Trade remains constructive. Buying the bottom of the range and collecting positive carry. Demand for end products remains high and will be supportive.
Prior thesis:
I think structurally (fundamentally) crude oil needs...
USO has planned a tough workout on the stairwalker. After finishing wave iii in turquoise in the upper turquoise zone between $76.92 and $75.60, it should move upwards to complete wave iv in turquoise. Then, USO should drop into the lower turquoise zone between $73.45 and $72.12 to end waves v in turquoise and 1 in green. Following another countermovement into the...
The price has broken out of a long bearish channel (green color), and is now in a bullish channel (cyan color).
Within the long bearish channel, we can see a downward seasonality in the second half, in the months of July and October.
Will the cycle repeat itself in July or October of this year?
The United States Oil Fund® LP (USO) is an exchange-traded security whose shares may be purchased and sold on the NYSE Arca. USO’s investment objective is for the daily changes, in percentage terms, of its shares’ net asset value (NAV) to reflect the daily changes, in percentage terms, of the spot price of light sweet crude oil delivered to Cushing, Oklahoma, as...
Summer is approaching slowly but surely, and some might start to arrange their next holiday. Meanwhile, USO is already heading south and has a bit of island hopping planned. The first stop should be in the green zone between $68.62 and $66.43, where USO should finish wave 3 in green – and maybe drink a cocktail or two. Then, it should draw some breath in a short...
This is a lower conviction play as the one can argue that the pennant did not enter a consolidation and is part of the continued upward trend however, I would argue that since pennants are continuation patterns with representing a "brief" consolidation, magnitude of the entry (into the pattern) should not matter.
But entering from the bottom, we saw some profit...
USO making lower highs, continues to get rejected off many trend resistance zones, big increase in selling volume recently!
im very bearish on this one, my targets are 72.71-67.82-62.94
The U.S. Oil Fund ETF has been ripping since December. But now it may be showing signs of fatigue.
The main pattern on today’s chart is the lower high on March 23 versus March 8. That could suggest prices are entering a longer period of consolidation – possibly with an ABC correction resolving below the March 16 low of $67.73.
Next is the high-volume spinning...
Might be time to keep an eye on your oil long if you are long in it.... would prefer it hits the top box and I would be looking for a potential short there to send oil back down.... keep an eye on the way it climbs and how fast.....
Short: intraday/days (stop above 81)
Long: weeks & months
Energy is in a structural bull trend as long as the major MA's hold, while hourly becoming overbought with declining volume, need more consolidation in the short term.
Since Covid over have good channel, sure got overextended, but just gives you an idea of how far we will go. For what reason would oil demand ever go down? And for what reason would oil supply ever increase? May looks like good target for back to $85. Was thinking some oil producers but with Elizabeth Warren on the hunt I think not.
USO last post I said the top was in and got lots of hate. looks like I was right though. :)
look for more downside once we break back below that trend resistance. 62-64 short term is very possible
NYSE Arca
