USO SELLWe have a nice consolidation zone in the D timeframe, Risk Reward Ratio 1:5. On the fundamental side if Biden Wins the election we will most likely have a nice fall of oil prices and oil companies.
Usoshort
USO 1yr 2hr wedge range bound continuesLooks like we can take another stab at the range bound wedge run.
It is getting fairly tight - faked out once so far to the downside. Lots of volume on here and usoil futures, could be indicative of a bottom for the down trend, not going to look too deep into it since we know how many bs contracts are open.
Possibility of a rough head + shoulders which would confirm the range bound price action. Setting up a position short here earlier than shown ~10.93 then will add on as shown in the chart.
USO 2hr 1yr downside wedge breakoutFor the long term I am absolutely long crude + us oil companies due to fundamental reasons but the chart at the moment looks like it is about to breakout down. I have already a short built from ~11 but this is a new trade to play the breakout.
USO 2hr 1yr closing wedgeRange bound inside a closing wedge until the inevitable breakout; play top to bottom and back up until the break out.
