Like a rubber ball, USO has bounced off the green zone between $77.92 and $79.69 twice and finished wave 5 in green. We now expect it to jump a bit higher still to finish wave ii in orange before dropping down until the support line at $67.68. There, it should rebound to complete wave iv in orange and resume the overarching downward movement afterwards, which...
$USO nice bounce of the 150-day and breakout through the first Fib retracement level on the daily. Looking for positive momentum over the next few weeks. This will kill the #bearmarketrally soon enough. Powell chickened out with 75 bps.
Is #USO Breaking Out?
# Crude #oil extended last weeks Friday’s positive close in trading on Monday as U.S. President Joe Biden’s visit to Saudi Arabia failed to deliver anything concrete. The trip was aimed at coaxing the Saudi’s to increase oil production thus easing inflation pressures. The response from the Saudi’s and other key officials reiterated the fact...
Oil prices rose by 2% early on Friday, with Brent rebounding to above $100 per barrel at the end of a very volatile week, amid reports that President Joe Biden’s visit to Saudi Arabia today will not result in a public announcement of an imminent production increase.
If I were still trading, which I am not. I would invest in long 200 call options on USO. I am considering opening an options account and investing in long call options with a strike of 200. I would use the price of the long call as my maximum lose tolerance level. Meaning, If my max risk per trade was $150, I would buy (long) a 200 strike price that would only...
on the verge of breaking trend support and resistance is failing to act as support now which is bearish.
I am expecting a quick move down to 75.9-67.75-59.6
like and follow for more! thanks :)
This is the monthly USO chart with the Cash in/Cash out Report applied. The Cash in/Cash out report is a free and open source indicator here on TradingView. However, since Tradingview won't allow me to give a direct link to a free product on their own site, you will need to understand how to add an indicator to your chart. Please post comments if you want help...
Quick chart comparing TLT (INVERTED) with USO to show they trade exact opposite of each other.
Oil go down, TLT go up.
The world is collectively fighting inflation.
Inflation literally does not come down unless oil prices come down.
USO broke resistance. Gas holiday? WTF is a gas holiday? I have no idea but it is changing prices of everything.If the CICO report gains 1000 likes, I will turn it into a free IOS and Android app! Give it a like!
Enjoy!!! I am Short term bullish on oil. I dont think anything is worth being long at the moment. The winds are changing constantly, and to be agile and nimble is to be liquid so I dont stay in trades typically too long especially commodities.
Weekly uptrend, Counter trend trade
In Supply Zone, Trendline break
Short 88
Stop 93
Target 72, 59
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
This is the Cash in/cash out report (CICO) set to 48 user input on the 15 minute chart. The CICO is a running 12 hour estimated sum of cash going into and out of a commodity. I see a strong head and shoulders bottom. Summer gas prices are here!!!! <--- sarcasm.
Apply the CICO report to your charts and give me feedback! The CICO is a free open source indicator...
I have been waiting to short oil for a while but Id like a break of the trend support first for breakdown confirmation. more rally is possible until that trend breaks
Watching for shorts below 86.80-longs above 92.36
Speculative idea based upon technicals, rising inflation, low refinery production, and world political agenda to curb dependence on oil and force climate change adherence to green new deal.
NOTE: Not trading advice. Entertainment only. ;)
NYSE Arca
