USO
$USO broke the short term resistance levelThough I don't share comments on USO oil trades we finally broke a resistance level set at 30.21.
Looking now to see what the next few weeks brings for $33 a share.
$USO ETF Ascending Triangle Pattern$USO (United States Oil ETF) is currently in a Ascending Triangle Pattern and is near a breakout/breakdown point.
Upside Breakout Target: $33 to $34.
Downside Breakdown Target: $24.50 to $23.50.
Large Volume is needed to confirm the breakout or breakdown.
Crude Oil - Bleed or SqueezeOil is full of surprises so preparation is key. Demand at risk however, bankruptcies/production cuts, among other things are pushing prices up.
Keeping an eye on a potential wedge forming up to $43.30 (the 50 Week EMA).
If this is confirmed and it breaks up, then the fib extensions are valid as well as a possible squeeze up to the 200 Week EMA.
Failure at this level means it's likely there will be chop sideways or a drop lower.
$USO Pulls Back on Covid Surge, but this ain't AprilUSO is likely now subject to "fast-money shorting" as a widespread factor in the action. We all saw oil was the hardest hit by the first wave of lockdowns, going to -$40/bbl into May expirations.
But the USO etf restructured to reduce impact on the curve, allowing delivery, and a ton of wells shuttered. Add to that the fact that we probably aren't going to shut back down across the country.
This could be building into a pullback long opp on any further serious cuts.
Oil looking like a pullbackCertainly with the fall two days ago a bounce could be expected but now a declining wedge appears to be forming. I have had to extrapolate the lower resistance but that's essentially what it will probably look like.
🤔 Keep An Eye On Oil. (USO)💰 LET'S GET INTO SOME OIL ANALYSIS!💰
1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤
(Overall Market Sentiment) 🐻 Bearish
- 3day Chart
- Doji Compression
- 3/3 EMA DOTS Red
Potential double top as oil takes a 5% hit today. Take entry based off indicators and add the breakout on the range drawn for extra confirmation on trend.
Best of luck to you and all of your trades this week! 🤜
Drop your charts and comments down below, share with us what you think is going on in the markets! ❤❤❤
Thanks for checking out our analysis! ✌😁✌
🥇MLT | MAJOR LEAGUE TRADER
Cup and handle OXY 20 Jun 2020Typical textbook entry. Will you take this trade? Let me know below. ?
Crude Oil - Wait for it...$40+ seems imminent however, looks like a pullback is likely.
Alternatively, if there is a daily candle close above $40 that might be good enough for me to start buying.
$USO ETF (OIL) - Trend Strength Test$USO ETF (OIL) price action has set a temporary Support level in the 25.83 to 25.97 range.
A test of Resistance above in the 27.21 to 28 range is possible. USO has been in an uptrend for the past month.
Resistances: 26.82 and 27.21 and 28.
Supports: 25.96 and 25.83 and 25.
Brent Crude Oil Forecasted to New ATHsABCDE correction complete at E with divergence and upthrust therefrom.
Oil Go Drip! (USO)😯 Uh oh! It seems to be that oil has broke upward support.
Now it seems to be treating support as resistance.
With a potential Elliott 5 Wave completion.
Would not be surprised if it dumped.
27.58 needs to hold.
Break below 27 is a short.
Bear > Bull
Best of luck! 🎲
🥇MLT | MAJOR LEAGUE TRADER
USOIL - Buy OpportunityPrice has been in a strong uptrend. We are expecting price to retrace to our highlighted area and we'll be looking for buy entries there.
We're expecting price to at least its recent high
I'll sell you a barrel and a dream! These rising wedges typically do not end well. The MACD is tired and looking to roll over. Lets see what shakes out. Daddy needs a new pair of shoes
