The methodology shown here is what I call "Time@Mode" because of a pattern of counting the number of bars at "the mode" of a trend and using that count to project the time of the move out of that mode. I found the pattern by plotting charts by hand back in the 1980's, but fine-tuned here at TradingView with the powerful charting and tools available to us,...
The idea was that while US Oil is not directly affected by the tensions in the Middle East as most of it is domestic consumption, what portion of it that is exported does not go through the Suez Canal but rather across the Pacific to Asia mostly. The idea was expanded by no matter that, the Middle East quagmire affects global oil prices all intertwined. The...
USO, looking to be forming a double bottom within a double bottom off a long-term trend line. Personally looking for its reaction in the 72-73 range before any further assumptions, but if this gathers steam, I could see this reaching 76. This is important for the overall inflation narrative, with energy being such a large component of the CPI.
Trading Idea 1) Find a FIBO slingshot 2) Check FIBO 61.80% level 3) Entry Point > 69/61.80% Chart time frame : C A) 15 min(1W-3M) B) 1 hr(3M-6M) C) 4 hr(6M-1year) D) 1 day(1-3years) Stock progress : B A) Keep rising over 61.80% resistance B) 61.80% resistance C) Hit the bottom D) Hit the top Stocks rise as they rise from support and fall from resistance. Our...
Just like everyone think GOLD is going higher, people are overly bullish oil because of the war, blah blah, *insert your fundamental bias here.* The reality is, the chart looks like shit. Price just rallied directly into resistance and has now formed a lower high confirming resistance at $79. The price of oil is going much lower from here. I wouldn't touch...
Trading Idea 1) Find a FIBO slingshot 2) Check FIBO 61.80% level 3) Entry Point > 69/61.80% Chart time frame : C A) 15 min(1W-3M) B) 1 hr(3M-6M) C) 4 hr(6M-1year) D) 1 day(1-3years) Stock progress : B A) Keep rising over 61.80% resistance B) 61.80% resistance C) Hit the bottom D) Hit the top Stocks rise as they rise from support and fall from resistance. Our...
Ready for gas prices to double? Doesn't matter if you aren't...it's coming LONG USO
USO on the weekly chart over the past two and a half years makes a symmetrical triangle patter with the upper and lower trendlines drawn in. Price appears to be dropping out of the pattern in a breakdown and she now yet tested the prior support trendline as resistance. The Stochastic RSI and Zero Lag MACD are confirmatory. The Relative volatility indicator...
OPEC+ production cuts are in the news today. Also in the news is the message that the cuts haven't convinced people that there will be enough demand. AMEX:USO Oil has a strong support at $58. Is the reaction in NYMEX:CL1! Crude Oil overdone? This isn't a forecast, it's a thread to generate ideas of potential direction and supply/demand. Please let me know...
Since I was pretty close back in July at calling the next high (though I didn't know it at the time) in USO around $83-85, and my dowsing keeps bringing my attention to it, I figured I'd check in more seriously on USO and post an idea. Early last week was telling me to look for a low on Thurs. It's really good when price has a big move on my dates since they are...
Symbol USO Open Date 11/8/2023 Put or Call Put Expiry Date 1/19/2024 Short Strike 65 Long Strike 64 Price to Open 0.24 Min Width Multiple 2 Risk Ratio 3.17 Return on Risk 31.6% Opening DTE 72 1 Day ROI% 0.44% Max Annual ROI % 160.1% USO has the worst calendars of any ETF. Tested the Bullish Daily -1 sig in the morning and I sold behind -2 sig at 65. Essentially...
Tomorrow would be 9 days under the 2 day MA of highs if a lower than todays high on the opening. It is with rare containment ratio that I would be willing to get long without any other consideration. Perhaps a lower low as my stop loss. If a higher high than today I would also take that as a trigger to buy.
Publishing the USO 3 day chart. Oil is currently getting beat up with the forward outlook for a slowdown. Oil getting soundly rejected after running into a long term trend line. This looks like it is heading sub-$70 in the near term. Previous XOP idea, with XOP also getting rejected at a similar long term trend line:
USO: 23 day MA of lows - zero slope 62 day MA of lows - zero slope 2 day MA of highs - containment ratio of about 3 Going to be watching low 76s as pivot zone very carefully tomorrow
Rising yields have lead to a massive sell-off in OIL markets foreshadowing: tighter economic conditions, cheaper energy prices and lower inflation prints - ultimately resulting in a weaker dollar / stronger euro in the short term. Globally inflation took off mainly as a result of covid stimulus exacerbated by Russia’s invasion of Ukraine. Even though the war is...
Although we hit .382 and that could be "enough", to start a 5th wave, the formation of the current wave has the tell tail 3 moves endemic to a B wave, leading me to believe we will have a C down to circle 4 before starting a climb toward circa 93.
Price Region to watch: $72.5 to $82 Plan watch price till Friday - EOW Falls below $72-73 is a pull down to $70 EOW could mark biggest loosing weeks of the year To check: - 6th October price action - 13th October price action - Any OPEC meetings/ news
USO has been in a very bullish channel since the early summer. Waiting for a pullback before playing options, but holding a diversified position in Oil and Tanker stocks. Buy and hold here.