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OILU

UCO a crude oil ETF LONGUCO popped in April and then dropped into a consolidation in May and June where it set up a base shown by the POC line on the volume profile. Once over the POC on July 6th on the daily chart coinciding with a golden cross on the HMA 56/210 combination the bull trend began. The dual time frame RS lines in the 60s suggest more to come. I am trading UCO and similar oil-based instruments including USOUSD or forex in the near term until I see signals of a topping that are not yet evident.
AMEX:UCOLong
by AwesomeAvani
3
OILU an ETF for OIL - Leveraged and LongOILU is a risky high volatility ETF on oil exploration and production. Where there are risk and volatility there can also be plentiful profits. On the 4H chart,OILU can be seen breaking up through long-term anchored VWAP bands in a trend that began in mid-May. Price is now approaching the mean VWAP lines. The POC line validates those VWAP lines coming in at nearly an identical price level. On the MACD, negative amplitudes have gradually decreased in a fashion consistent with bullish divergence. The RSI indicator shows the MTF RSIs to be in mid-range suitable for taking an entry without evidence of oversold or overbought parameters. Fundamentally, a variety of factors including OPEC the re-emergence of the Chinese economy, Russia's war fear of a recession causing a decrease in demand for oil all have contributed to a mixed picture. The chart is suggesting a long trade to me and so I will take up the suggestion. I will set a stop loss at the recent pivot low of $32 while targeting the highest VWAP band at $47. I will raise the stop loss to break-even when price hits $38 while respecting the ATR and volatility. I see this as a safe trade with a potential upside of about 33%
AMEX:OILULong
by AwesomeAvani
1
Short-term Trade: OILU / USOIL Extremely Favorable Risk-RewardI don’t believe OILU will stay at the $14 level for very long and conservatively speaking I’d say a 50% swing higher is likely. Depending on your strategy, you could cap your loss at 2% or whatever your risk tolerance is and then go in full on a breakout. Personally, I’d buy half or a third now and hold. If prices fall, potentially up to 7% or so, I’d accumulate more and once the breakout happens go in full.
AMEX:OILULong
by Ludwig_Von_Mises