USO trade ideas
USO long, 1st TP: 9.7; 2nd TP: 11Welcome to all viewers, this is my first post on this page :)
Crude oil is RSI oversold condition, with fear everywhere, while actual data didnt change for last 9 months.
Healthy correction of correction itself is possible thanks to summer months.
Lets not forget that shale industry can not breathe under 35$ for barrel, and if they want to risk BK with raising FED rates, ...yea well. Hard thing to happen. Dont fall in market fear and happy trading :)
Bullish AB=CD Bullish MAPE on USOUSO has completed the AB=CD Bullish MAPE, I'm expecting a bounce back to the .382 fib line or higher ($9.60 or so). Crude Oil Inventories Wednesday the 28th
Long USO on channel regressionLong USO if lower channel reached
Entry @ $8.80 - $9.00
Target @ $9.90
Stop @ $8.50
Oil Bounce PlayLooking for a bounce in oil after hitting (near) a 52-week low. Looking for this one to play out over the next several months. $USO
Short-Term SELL, USOIn the energy sector, we have noticed a possible speculative short on crude oil as we expect oil to depreciate by -1.60% by the next week. In our opinion, sellers might put pressure on the actual price particularly near the intermediate resistance which might limit an upside move to no more than 6.80% from the last daily closing price.
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USO - 1yr 4hr last shot in the wedgeThere's not much room left to trade in this range for "quick" trades. We can hit one last one with 2:1 risk/reward.
I have been opening a half short position at the top of the range after closing out the long to profit as much as possible off this pattern.
Looking at past summers and this wedge I can be optimistic for a big move.
Key Question is the Long OIL Reflation Macro trade on or offTake a look at the weekly OIL ETF (long oil chart) and the SCO ETF (leveraged short oil chart). My money is on the SCO trade.
