Crude Oil - Buying Opportunity Hello from Genesis Go!
As we can see here crude oil UCO recently fell 37% onto a strong trend-line support presenting us with a great buying opportunity!
UCO
USO bearish reversal (pitchfork analysis)USO reached multiple top pitchfork lines and is likely to start falling.
How to benefit from possible Oil upward move?Buying Oil stocks or Leveraged ETFs could be a good choice for the next 1-2 weeks:
1- NYSE:XOM
2- NYSE:CVX
3- OXY
4- NYSE:VLO
5- AMEX:UCO
Crude is a BUY Shoutout to my friend Greg Mannarino. I'm fully on board with his views on Crude Oil. I suggest you watch his videos to get a better understanding.
The idea is that the price of crude oil is being propped up for a number of reasons.
I suggest buying UCO, the Bloomberg levered crude stock, in order to maximize return.
Crude WILL pass $62 this week. I want my prediction on the record :)
God himself must have given us this buying opportunity because it's almost too good to be true.
Rinse and repeat every time Crude is under $60.
I want more people to see this so I put it under the USOIL chart, however, this is a UCO buy opportunity.
If you manage to lose money on this play, you should liquidate your account and understand you are not suited for a raging bull market.
Usually, I say "just my opinion", but I am so confident about this that this is advice, not just my thought.
SHORT TERM FYI!!! I am a believer that crude will crash in 2023, but until then, this swing play will and has already brought me some beautiful returns.
Talking USOIL and the last yearWe are talking US OIL today and some of the trades we have charted. Still holding a long position from 41 that we are comfortable with. Did take some of the position off but still large into it.
Correlation stocks for us were: UCO and USO
A look at WTI Crude Oil on the daily, last resistance level!Good morning, as you can see from the chart we are coming into the last reistance level for WTI Crude oil at 63.3-63.4 range. From there a clean break above and we open up the 66-76 level for oil. Watch in conjunction both USO and UCO as indicators of the strength of the move.
UCO Levels for the coming weeks $75 is the TargetHope you enjoy this brief overview of the UCO Chart as we look to further levels of resistance and support. We are above both the 50 and 200 MA so well within our parameters for upside.
Clean break of the UCO Resistance at $51We have a clean break of the resistance at $51 for UCO and now look for the next level, which is a long way off at $117 range. But we will hold as long as oil production has stopped in Texas and the pipeline system is off-line temporarily.
Nice setup to short Crude oil falling channel 🛢️📉NYMEX:CL1! is trading now in long-term supply area ( resistance). After estabilished triple top price pattern we could see trading NYMEX:CL1! in falling channel.On hourly timeframe its clear downtrend and price forming hanging man pattern.
After breakdown diagonal trendline price is testing it, its perfect setup to short entry.
here is data for my trade:
------------------------Trade setup ---------------------------
Entry: 52.62
Stop Loss: 52.92
Profit target: 51.54
Time stop: MOC ( Market on Close)
------------------------------------------------------------------
If you like the idea, do not forget to support with a 👍 like and follow.
Leave a comment that is helpful or encouraging. Let's master the markets together.
Important level for UCO is coming upFinally after sitting on UCO for months we are at the resistance level of 38.xx if we can break past this our next target is 51.xx range.
Sitting on a few shares of this always is a long shot but a good chance to get back into oil.
CL: USO: Crude Oil Awaiting OPEC Decision to Boost ProductionCrude Oil chart is consolidating awaiting OPEC's decision to boost production by 500,000 B/d in February, with a total of 2 Billion B/d increase by April of 2021.
Prices may dip to $45 level. Economic recovery from COVID-19 is in the cards with expectations of higher demand coming in the spring and into H2 of 2021.
Currently, Crude Oil prices are holding grounds, pressured by the OPEC production increases news, but supported by expectations of growing demand.
Based on the OPEC agenda and Russia's position seeking price stability, 2021 oil prices are expected to trade within the range of $45-$55.
Lower prices, down to $45 -42 level may be seen in the near term, while demand has not recovered yet, but production increases are already agreed upon.
Technical analysis: 4 Hr RSI chart shows mid-range consolidation, which may get resolved by testing the bottom before going back up.
Multi-frame MACD chart analyses show consolidation at the top of the range on a Daily chart, with mid-range consolidation on a 4 Hr chart.
The most significant Fibonacci level from the most recent run up appears to be 50% at $45.50, which is also 200 EMA. This area is expected to
get tested first, should OPEC approve its production increases on January 4th. Lower levels of $42 and $39 are also possible targets, depending on the
EIA inventory reports in the coming weeks. We still do not have full demand recovery, while production may start increasing ahead of time.
Crude Oil - Buying the DipsOil prices are coiling up for a move which will eventually head towards to the mid $60s for the following reasons:
- Bankruptcies
- DXY destruction
- Demand bottoming
- Chaos in the Middle East at some point
Pit stops along the way are marked by the fib extension from the first impulsive move - 0.5 and 0.618 being the most significant.
The simplest strategy is to assume the fib levels are to at first sell the resistance levels and then buy when it flips to support.
Right now it looks like the 0.236 level is now support. Below that you have a possible floor at the macro fib level around $40 - any dips here will likely be bought up quick.
Still long QM @ $42.85
Total Oil P/L: $1,930
All trades linked below.
UCO - To the next level?Two months after UCO reached the top of its channel, it had moved down and slowly meandering its way back up again. But what if UCO is slowly ascending to the next level? Its drop on Aug 12 might have been a set up to try to gather enough energy to continue moving upward. However, it won't be without drops and sideways movements in between. The next level to reach is near 36.8 and after it moves above the fray, will it stay? Thats a good question. It seems each time it reaches a certain height it will fall back down, but the level maybe critical if it holds long enough to keep it. Either way, Ill grab profits at that level and buy on the dip!
Until then, we got a bit of a wait. We got until the week of the 24th of August to watch out for UCO to finally make the final push up or get crushed!
Crude Oil - Launch PadCrude Oil sold off today at first however, traders decisively bid the price back up above the 200 day EMA.
Note: The light blue 50 EMA on this 4hr chart is equivalent to the 200 day EMA
This bullish price action tells me that the 200 day EMA is now the launch pad for traders to take this to the next level up. Most likely that would be the 50 week EMA around $43.25 - Depending on the reaction to this level, I'll sell or hold. Could be a short squeeze coming.
Further, the MACD is crossing right at the zero line which indicates bullish momentum.
Crude Oil - Technicals AloneThere's too much noise. Covid lockdowns, vaccine hopes, China trade retaliation, etc.
Technicals:
There was a break out of the wedge that most traders have drawn out however, I think it's more likely price breaks back down in order to build momentum for the next move higher. Ideally, there could be some good buying opportunities around the 200 EMA on the 4hr chart.
If I'm wrong then I'd like price to break above the previous high, $41.63, before I start buying.
I'm liking Crude...to a pointCrude oil has been in a massive ascending wedge with UCO currently on its way to around $33. Its a nice little play at the moment, but on hitting that upper resistance and perhaps melting up we might see a catastrophic fall (probably around the same time people clue in to the fact that our economies are all screwed and no one is spending money anymore, or OPEC+ isn't able to come to an agreement on renewing production cuts). Anyway, enjoy!!
WTIUSD - Head and shoulders on 4 hr, FIB levels Head and shoulders on 4 hr, FIB levels - .382 fib is $34.58, .50 level $32.83. Neckline for confirmation is $35.96. I am in SCO - Oil bear 3x etf and double inside day on chart. Covid news with some states spiking up with places re-opening. This would be bearish same sectors that fell in march. Happy trading, GL!
