Long SCO / Short Oil WTI (Second Attempt)Limit Order Entry Fill: 21.53
Stop: 21.45
PT: 22.30
Risk to Reward (R/R): 1:9.63
Shorting Oil via SCO shares Round 2
SCO trade ideas
Short Oil via SCOLimit Order Entry Fill: 22.30
Stop: 22.20
PT: 23.15
Risk to Reward (R/R): 8.5
OilWTI currently at resistance. If it breaks through resistance, we mitigate our risk with a tight stop just below the recent lows.
SCO Stock Chart Fibonacci Analysis 040523 Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 23/61.80%
Bullish on SCO - Bearish on oil & gasNow is a good time to load up on SCO. I think over the next couple of weeks it could drop 10% to 15% before really shooting up.
October and November will be a big month gas and oil.
OPAC has decidedly decreased their daily oil production by 100k barrels a day, and the U.S. has been artificially suppressing the cost of oil by digging into their emergency reserves.
Digging into the emergency reserves is not a sustainable. Either the U.S. will stop in the mid to near future and gas prices will steadily climb back up, or we'll exhaust the emergency reserves and gas prices will sky rocket.
To be clear, a lot of people are blaming Russia for rising gas prices, but the truth is that we were only buying 8% of our oil from Russia. Even if Russia withdrawals from Ukraine, gas prices will remain high for some time.
SCO Eye spy with my little eye I see some interestCross arms buy longs pray to god, sounds good lets go.
Time to short OIL $SCO going higher$SCO has been forming a bottoming pattern for the last couple of months is about ready to break out. Upon breakout, I can see the first big target being $11.53 which would be the 50% retracement of the move.
Let's see what happens over the coming weeks.
SCO Proshares is a Buy Oil WILL decline for consolidationtest
ProShares UltraShort Bloomberg Crude Oil seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
What do you think?
A Bearish Bet Against US Crude Oil PricesI will be buying some slightly ITM Calls here expiring in the middle of April in anticipation for US Oil to potentially go down by the end of the Quarter due to the Fed's monetary tightening.
The technicals look good for this Bearish ETF; Bullish Divergence visible on both the MACD and RSI and along with that we are at the PCZ of a Bullish ABCD.
My positions updatesI will explain my positions and the TA on why I bought or sold
comments welcomed
SCO RSI indicator oversold - Strong buyAccording to the indicator RSI, SCO is oversold and ready to rebound to at least $35 with a peak of $60.
We think that the current oil price is overdue and ready for a retracement.
"World’s largest oil exporter plans to reverse recent unilateral production cut, signaling confidence in recovery"
www.wsj.com
SCO short oil for the long termTechnically speaking, this should return to the red box. Fundamentally speaking, this should be in your portfolio, just like bitcoin 5 years ago.
Upward channel on SCO: Short Crude Oil at TopHi mates, i posting another of my todays trades. Its based od triple top on in my another idea posted few days ago. Its in realated.
here is data for my swingtrade:
------------------------Trade setup ---------------------------
Entry: 9.98
Stop Loss: 9,82
Profit target: 10,62
Time stop: 3 days
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🔑 REVERSAL on Crude oil! SCO - leveraged ultrashort on CL1!First trading day in 2021 is key for NYMEX:CL1! AMEX:SCO it seems. Today was very volatile wide range day on high volume, traded completely out of value area of volume profile.
I expect sharp drop on NYMEX:CL1! and you can trade it by this leveraged ETF AMEX:SCO .
First target is 12.87 level
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Leave a comment that is helpful or encouraging. Let's master the markets together.
OPEC pumpingOPEC is removing cutbacks starting this month, could easily see another supply glut soon.
SCOOne of the few tickers I like to buy shares in. I like this long (shorting oil ) at least to the 200 sma on the 4 hr chart. Pretty low risk setup. If it breaks my hard stop of $18.20, I'll be looking for some rsi divergence for a possible headfake.
SCOIm keeping my oil longs open into next week fam. SCO looks like hot garbage, check my VIX chart & 10yr.
NDX has hit melt up phase but SP500 & DJIA still have room to run.
DXY is till in free fall
Has Oil finished falling?Interesting. When you look at the inverse of oil, symbol SCO, you can see support over a very long period of time. It's almost as if it is poised to start climbing again! This is something I'll be actively monitoring.
SCO Watch if $23.5 stays support or becomes resistance 23.5 looks like an important level, though its not clear whether it will hold as support. The technicals to me look somewhat bearish, but there's a strong (perhaps stronger) case for SCO to keep declining if oil bridges the gap it is approaching due to increasing demand and supply cuts.
SCO Oil Inverse TrendThe trend I referred to in my WTI chart earlier today: possible long for the inverse ETFs if oil can’t fill the gap; however this trend on SCO could just as easily not hold if oil does manage to fill the gap due to reopenings.
SCOHi guys,
I got stopped out today by the squeeze happening in WTI.. This is what I'm thinking will be the path going forward, I thinking with option expirations the DXY has gone ahead and did the exact
opposite of what I thought was going to happen, and I remember thinking that the dxy break out looked rising wedge patternish when I was still watching the break out.
But I will most likely re-enter my SCO position on Wednesday or Thursday if the price hits $25 and starts to recover as I think it will.
I think the DXY will get a spring off the 98.8 area as well which will apply pressure to #oil prices.
SCO updatethe gap down to $32 got filled, there is another gap down around $28 this could get filled as well. Just FYI
