Renko saying still a long. Will be looking to get long above 33.55 next week.
A move over 35.50 in USO portends to much higher prices.
The price is almost close to previous pivot high which now acts over head resistance/supply $34.85 area above this level on solid volume will suggest a big move to follow or breakout upside and Sept last year's high is within reach that seems very unlikely now and price may revisit April low before it prints 52-week high. Join us woowtrading.net
There is sizable open interest in the weekly Put options on USO at $33 and below. It is my feeling they want to keep USO above that level into the expiry (11 AM pst). Once that is over, there appears a case to be made for at least a 5% pullback over the coming sessions. Risk/reward going short at 33.10 (risk to new highs) is sqkued rather nicely here with a...
Kind of high correlation between Dutch equtiy ETF $EWN and oil price $USO
There is a pattern in USO. Watch for Stoch and MACD for negative cross to short USO. It has descending triangle.
Over-extended. Waiting to take a swing short on this, looking for the gap below to fill within 1-2 weeks.
Oil opened higher, swooned with stocks lower on Senator Reid's comments, and finished higher when the day was over. From a technical perspective today's candle is a Dragonfly Doji. The Dragonfly Doji is a bearish reversal candle which is reasonably reliable - if so why is this a breakout. In order for the Dragonfly Doji to be confirmed prices will need to open...
I want to be bearish on SLV, but if USO keeps going up, I will change my mind real quick.
A great case study for why tracking ETFs do not work in the long run
I view the crude oil market as extremely oversold and ready to rally. I also see that there could have been the possibility of a coordinated action to help the price of crude oil push down going into the election. There was definitely an incentive to create a positive mood in the minds of voters heading into the election and now that that is behind us, I believe...
Started a long at 31.5 looking to add to 29 maybe we get some lift from #Sandy
All the focus is rightly on the ECB tomorrow and whether they will begin buying bonds by the truck load or by the shovel load. A truck load will likely make the market happy at least in the short term whereas a shovel load will disappoint. Either way crude oil is moving lower and soon. The market has been pricing in significant easing on the part of the US...
This stock is more driven in fundamental information than technical analysis. For example, global economies are slowing down, thus the demand for commodities is being reduced. In addition, the dollar is rising against the Euro, which gives the dollar more power. However, if Iran threatens again to disrupt the oil supply, oil price should rise, but we are not...
The move below the trendline most likely triggered a ton of stops. I wouldn't be surprised if we see it go higher after all the weak hands have been forced out.