The discussions at the tables at the OPEC+ conference do not end, and it shows. We expect the course to drop for quite a bit now. In total, the correction should end somewhere between $41.29 and $39.27, before new bullish runs set in. Once that happens, prices above $59.35 will be targeted.
Let’s go Bears!
OPEC + just agreed to increase output until 2022, Gasoline stockpiles build up more than expected EIA report July 13. Look for bear flag to form on 4 hour. PT .618 Fib level or 47.75. August - Usually refiners shutdown and that means build up of inventory. The only bullish case I see, if there are major hurricanes knocking out supply in Gulf of Mexico. I am in...
Oil will continue to rise in price. As such, USO will rise as well. On 7/9/21 USO was able to close above the short term downtrend. Right now this is signalling a breakout for anything above $51 next week. Volatility will probably increase, but given the current trend, RSI and MACD, there should be a steady gain over the coming weeks as we near August.
From the current level, we expect the USO to fall all the way down to prices around $40.56. Once in this region, the next bullish run should bring us close to $60. However, with the bullish price development of the oil market, there is a 45% chance of an early bullish breakout.
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Oil has seen quite a bull trend over the past year. But one might suggest it could see more if policymakers are unwilling to ramp production given the specter of Delta Variant lockdowns that may never appear. We may find out more when OPEC+ meets later this week.
Idea for USO (S3):
- Wyckoff Distribution mapped.
- Wave frequencies synced.
- EURUSD drops... USO will follow.
- Cause and Effect Objective met.
- Law of Effort: Exhaustion gaps being formed, clear distribution pattern, negative divergences and losing the momentum.
- Speculate that the Cause and Accumulation was relatively short in this case, as Oil went...
I am still long oil.
Mixed messages - but I don't have a sell signal, and I don't have indication of a market sell off as indicated by my crash monitor.
There are offsetting data:
OPEC output volume increases
Re-opening economies (impact from general wage growth)
Potential upside from the US infrastructure Bill
Increased in gasoline prices ...
Keep your eye on USO
1D MACD indicates either direction can occur in the short term. Energy sector has potential to pump in June.
RSI also has room to run higher.
If there is consolidation it should find support on the WHITE support line
$50 appears to be in play but PT is the BLUE upper trend line.
Rising wedges are bearish once broken, USO still appears to...
USO suckers already threw most of their money at us in bulk, but it still slowly continues.
The way it works the trend is sort of guarenteed. Only an absolute moron would go against it.
Not a registered financial advisor. Just my personal opinion and a trade I am considering taking.
Always on the lookout for trades that last 2 to 8 years.
As you can see Oil is in...
Staying long @ 43.30 Daily chart green arrow
Daily chart higher lows higher highs
daily over bought, so can drop
But look to the left Feb see how that stoch stayed at top
and stock went higher. That another thought
Weekly telling me stay long with a trailing stop
Weekly has higher lows.
Guys, fill up your tanks before the upcoming run, as we expect the USO to rise in the long run! However, in our primary scenario, we should see a correction down to around $35.41, given that the price is not breaking out above $44.64. This breakout has a high probability of 40%. So, it remains exciting to see whether the USO is taking the long road or is trying to...
Stoch on bottom 15 min
a little early not lots shares and have trailing stop
Weekly looks great higher lows
stoch turned up
more we open up more we need oil
watch airlines also they gonna need oil
how about cruise lines watch oil take off