$USO Calls entered 6/24With our current geopolitical standing, the degree of the drop the 23rd-24th of June, and the direction. analysis of the SPX, I believe we have been presented with a very fruitful opportunity. We've seen a NASTY dip after what seems to be a 5 wave move up.
After drawing fib retracements, we closed
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Major Resistance Test for OilUSO trying to break above the $83 area for the fifth time since 2023 here. If it can manage to do so I'd be expecting a much bigger move. Potentially all the way up to the trendline above or the high from 2022 around $93.
Ideal long entry would be on a break and retest of $83, or just longing on th
$USO to $29-42 before a bottom is inAMEX:USO broke down from a long term that started in March 2020 and is now breaking down below support at $67.
The most likely outcome is a continuation down to the lower support levels at $29-33.
I won't rule out the possibility of one more retest of the trend line ($73-75) before continuing dow
USO Stock Chart Fibonacci Analysis 060225Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 67.8/61.80%
Chart time frame:B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress:A
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) 61.80% support
D) Hit the bottom
E
USO long tgt $81I do dowsing & had a date to watch for on Monday 5/5 in USO from a reading I did on 3/25 & it even suggested a swing low! Yay! I don't always get the correct info going into these dates, so I'm hoping this will get more consistent.
Anyway, there may be a spike down in USO in the near future. If so,
Opening (IRA): USO May 16th -75C/October 17th 45C LCD*... for a 26.25 debit.
Comments: Buying the back month 90 delta and selling the front month strike that pays for all of the extrinsic in the long. (The long call is shown at a higher strike so that it fits on the chart).
Metrics:
Buying Power Effect: 26.25
Break Even: 71.25
Max Profit: 3.75
ROC
Downside tgt hit on USO. Bounce to $70?I've seen so many targets hit and reverse - especially GLD & GDXJ- I figured I may as well see if USO has a similar reversal since the downside target from my last USO idea is tagged & holding.
At the moment I get that it can get back up to the $70-71 area & it's a bull trap.
I also get the date o
USO swing high- short tgt 65-66I asked my dowsing for the next trade to help reach my goal for the year, and it's oil/ USO. I do believe this will include oil stocks, so I may ask for dowsing to choose one from a list. If I do & get the reading done on it, I'll post it as another idea.
My latest work is pretty decent, but a work
Opening (IRA): USO April 17th 68 Covered Call... for a 66.58 debit.
Comments: With /CL dropping sub-70/bbl., putting on a starter position in USO, selling the -75 delta call against shares to emulate the delta metrics of a 25 delta short put, but with the built-in defense of the short call.
Metrics:
Buying Power Effect/Break Even: 66.58/sha
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Displays a symbol's price movements over previous years to identify recurring trends.
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