USO trade ideas
Bearish Nenstar to send USO down.I will post the targets for bearish nenstar soon. It looks to have completed with excellent fit (ratio wise).
USO - GET READY TO RIDE ON THE UPTRENDUSO, one of O&G sector ETF, has built its wave 1-2 base.
Based on the chart, the ETF is ready to ride on its wave 3 uptrend movements. The price target is to hit around USD$48 - a resistance level which occur back in April 3rd 2020.
Happy trading, and Let's Trae With Passion!
USO Bearish Trade Setup The 4 hour chart on USO is showing a quality bearish trade with heavy resistance into 30-31. Is this (X) wave complete for a move back into 22-224 level? On the Minor time frame, look to execute bearish positions for USO expiring Jan 2021. Trade execution details in video update.
USO Breaking DownUSO looking like it wants to go lower from here. Besides making lower lows, RSI and implied volatility are trending in opposite directions, with vol wanting to go up and RSI looking for new lows.
With ES/BR showing that the s&p500 is going to outpace oil
and XLE looking like garbage over the last few weeks
I am thinking some more pain coming to commodities - specially with the DXY ripping.
Previous USOIL idea:
USO: Weekly Call Spread 10 AugUSO signaling consolidation on the MACD. RSI remains flat, in the mid to upper 50’s, for the past couple trading days. Price action using the 9SMA as resistance and nothing foreseen this week to cause a spike. Sold a 5DTE 31/32 Call Spread for a quick weekly trade. As always, looking 50% profit to close trade. AMEX:USO
USO choppy Don't like the look of USO. Still think its in a running flat correction but possibility its some kind of ending or leading diagonal.
USO Long entry testNice squeeze.
Breakout candle.
Yellow to green.
Lets see if this works out.
SEP18 $30 Strike Call contract currently valued at $1.57
USO - finally some movementBeen awhile since USO has done much. Think it has started toward bottom in wave C.
Which Way Does Oil Want To Breakout, Down or Up?Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.
Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.
These are the perfect kinds of moves you want to play. What we will look for next is to play a breakout either way out of the current compression point. Big volume should attack on the breakout.
$30 high / $29 low. Currently in mid range. Let it lead into a transition on the daily candle to shift the indicators.
Good luck.
United States OilFUNDAMENTALS:
Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices of oil down this year, and think about the coming presidential election. That will be your unknown variable to the fundamentals in the price.
TECHNICAL ANALYSIS:
I have chosen the daily time frame for this chart since it has done the reverse stock split that has complicated the price ranges. I have found that the price is possibly forming an ASCENDING TRIANGLE or a PENNANT. This pattern I have outlined in white lines. There WILL be a breakout of this pattern in the coming days or weeks. A break below will happen based on the fundamentals of the global economic, and the fear virus.
A break above this pattern will allow the price push higher and retest the orange lines.
Remember, I am not your financial advisor, and I am not legally qualified to give advice or tell you what to do with your money. Do your own research.
Short to 26.76This came to my attention in a significant way. I expect a swift move down to the 26.76 area for tomorrow (Fri).
This is based on my dowsing/divination methods. Wish I could've gotten this out earlier, but it just came up.
$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.
$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.
