Hi friends! Welcome to this update analysis on the US oil market, via the USO ETF! Let's get right to it!
Looking at the daily USO chart, you can see that the USO has been plummeting, since I warned about a potential fall to $10.70 on November 11th. The oil market has been in absolute freefall. You can see that it printed a bear flag (in black) right on top of...
I went long on this I think Thurs or Friday. Higher highs and higher lows, nice basing pattern with breakout above triangle. My stop is @ $11.14 (about 10% plus is below swing low). Below $12.03, I would view as negative if it drops back into it's consolidation zone.
XOM looking nice today too.
I normally avoid ETFs as a general rule, but this ETF fit the pattern.
No financial advise, always DYO Home work.
Naked charts, simple PA bearish bias on 3D:
- Rising wedge forming
- Volume dropping and price raising (no bueno)
- Gapped candles within the wedge. You know the rules: gaps must be filled
- Retesting important fractal (red box). Clean break through this fractal may invalidate current TA.
- Major liquidity pool below...
Hi friends! Welcome to this quick update analysis on the US oil market, via the USO ETF! Let's get right to it!
Looking at the daily chart, you can see that price has bounced on my rising blue trendline support, but we're now returning to it for another test. If at any point, the rising blue trendline fails to hold, price will likely fall to the next downside...
The chart of USO looks much overbought..
Buy Zone: $13.32 to $13.59
Stop loss: daily clsoe above $14
Target: $12.25 to $12.04
You can Buy DWT , SCO or any others that have Inverse relation with USO or USOIL
notable things CBs are begging for price inflation gloablly. opec is being supportive. things look healthy supply demand wise in oil.we're about to enter into driving season. 1 thing that i've been turning back and forth on is how similar the setup in venezuala reminds me of the iran-contra affair. not necessarily right now, but slowly developing into. venezuala...
there's a high correlation between canadian dollar and oil. although data was moderate that came out about inventories.
the moving/defining part of todays trade is the dovish tilt from BOC. the loonie fell supporting oil prices.
oil is on the ropes and refinery utilization is very much to be focused on along with inventory numbers as we prep for driving season.
Inverse H&S Pattern complete on USO, I believe this will be catalyst for rising oil prices, of course their are many more.
1. Falling DXY- The US dollar has just started a downtrend that I believe will be a trend for not just months, but years. Fed Chair Jerome Powell just put interest rates on hold until further notice. On top of that, the unwinding of bonds...