BNO - Wave 3 of 3 = Big Upside PotentialBNO appears poised to break out to the upside. A breakthrough of the recent high just under 33.50 may indicate the beginning of a wave 3. Also appears to be wave 3 of a higher degree. The fibs show significant profit potential. I am placing a buy stop at 33.50.
Key stats
About United States Brent Oil Fund, LP ETV
Home page
Inception date
Jun 2, 2010
Structure
Commodities Pool
Distribution tax treatment
No distributions
Income tax type
60/40
Max ST capital gains rate
27.84%
Max LT capital gains rate
27.84%
Primary advisor
United States Commodity Funds LLC
Distributor
ALPS Distributors, Inc.
BNO provides exposure to Brent crude oil, as an alternative to a West Texas Intermediate (WTI) benchmark. BNO exclusively trades front-month futures contracts traded on the ICE Futures Exchange (ICE Futures). The funds exposure is focused on short-term futures thus, it is extremely sensitive to changes in the spot market, as you'd expect, and it can look very different from the returns you'd see in the WTI market. BNO is structured as a commodities pool, so cap gains are taxed at a blended 60% long-term/ 40% short-term rate regardless of the holding period, and investors receive a K-1 at tax time. Overall, BNO is a decent alternative to the WTI benchmark.
Classification
What's in the fund
Exposure type
Cash
Futures
Bonds, Cash & Other100.00%
Cash50.09%
Futures49.91%
Top 10 holdings
BNO: bull flag pattern?Might the price action start to break up out of the bull flag pattern?
A price action above 28.95 supports a bullish trend direction.
Crossing below this level will negate the bullish trend.
Consolidation price range between 29.40 to 30.25.
Crossing above 30.25 might target 31.55.
Crossing below 29.
BNO , LONG , 2nd attemptArguably I missed an entry on the 2nd for this after getting stopped but it was actually intentionally done as I felt to uncertain as to the effect that the Fed rate change would have on this and wanted more evidence . Now I have it and I think it is a reasonable time to try again here .
I decided
BNO , LONGLong on BNO yesterday .
Range contraction looks good , volume contraction and that pop , consecutive green bars ...
Entry - 30.75
Stop - 29.7
PT - 32.85
* Entered just before yesterdays close . Additional Risk is the FOMC meeting coming up next week , that will probably bring volatility to the mar
See all ideas
Summarizing what the indicators are suggesting.
Oscillators
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Oscillators
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Summary
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Moving Averages
Neutral
SellBuy
Strong sellStrong buy
Strong sellSellNeutralBuyStrong buy
Displays a symbol's price movements over previous years to identify recurring trends.