USO - NO NO!5 days above the 2 day MA of lows and above the 3 day MA of medians. I know what I am looking to do tomorrow/Friday!
USO trade ideas
USO - shortIt looks like WTI crude oil futures will close up today. That will be the ninth consecutive day that they are rising. In the last 23 years that has happened on only 8 previous occasions. In all but one of these 8 times, crude oil snapped the winning streak the following day. The mean return for all 8 occasions is -0.9%.
I am going short USO as a short-term trade, expressed through put options, which I expect to close by the end of the week . I don't have a precise price target, but I am looking for something around 77. I'd take a loss on the trade if USO were to close above this week's high above 78.78
USO hit upper target. New target $74When targets get hit, it's often a chance to play the reversal. I had today as a short opportunity & the guidance from my dowsing is this is a reversal/scene of the crime kind of play.
The target is around $74.
I was also guided to get a date, which comes in on the 15th. Dates can, and often are reversals, so maybe we hit the new lower target by, or on that day.
Long entry on USO $72My attention was draw this morning to suggest a potential daily low on USO. My dowsing said to look for multiple days up after a "pop and drop" & "drop and pop" scenario today.
It also suggested this idea may take a couple weeks. It's really gonna have to dump today to hit the level, but I'm just going to give what I got.
USO4:1 containment ratio. Watching for a hard break through the 8 day MA of lows. This is a rare metric I might get preemptively short before a break.
USO - whoa!26 days above the 8 day MA of lows? C’mon people. That’s not going to hold. Let’s see how sharp and long the retracement is.
USO - take it slow!Looks like a blow off top. 3:1 containment. Those long now beware. Consider a short now and or on a break of containment MA 10 day MA of lows.
Daily timing on $USO target 68.50ishI wish I had posted the work I had on this thing for the bullish move up from the 17th, but here we are at a date my dowsing gave me and a nice move up right into it.
I expect there to be a 5 point retracement and target is $68.50.
There could be another little pop on it, but it's a sell. I'll look for another date later. For now, it should go down as dowsing said "continues down", "trade entry", "waterfall", "new weekly low", "end of bull market". The last one can mean just temporarily. Now you know some of the attributes of my work. Let's see what happens!
USO - here we go!3:1 or more containment ratio. Had a break but probably not done. I’ll watch for break of 8 day MA of lows to short. Maybe not more than a day or two but I’ll take what it gives me.
USO - ouch at the pump!Well here we are at a 3.5:1 containment MA. Retracement soon likely. But remember a lot of the time just a quick retracement and continuation. Those shorting should not get married to the short position!
USO - up up and ???Blew through the 64 area zero slope MA. 71 area maybe the next equilibrium price area as that is the next zero slope MA up. Let's see what kind of headway we make and how quick over the next few weeks.
USO - which way will it go?Nearby upside pivot band. Distant downside pivot MA. Will still follow distant downside pivot. Some really bad economic numbers or other softness maybe we get a downside break. Certainly the proximate upside a possibility this week or following.
Oil - consolidation, higher or lower expectation?Well USO is trapped between containment MAs and beyond them release MAs (the furthest away MAs that can be drawn with respect to proximate price action). I'd take any of these signals in either direction. Let's see if this week offers clarity.
USO - right between the cycle pivotsUSO right between the short and long cycle pivots. Let's see what provocation we get to nudge it one way or another. Supply side shock? War? An unexpected number maybe Friday morning?
USO TOOK PROFITS ON MARKET ON OPEN TODAY The chart posted is now into over res at .382 and a 50 % from 64.90 to 65.30 I went 90 % net long at 60.00 even and now have exited the trade . Also my view in the spy and qqq was to have a nice peak due may9Th so I am nearing a major shorting position I just need a few hours in my models . best of trades WAVETIMER
USO - any provocation or none2:1 containment ratio with the MA of medians and 3:1 containment ratio with the MA of highs. The cycle median is about 3$ higher. I'll be a buyer preemptively and on a break higher as well.
USO - deja vu again?With USO down near where it was when OPEC throttled supply recently, will they do it again or something even stronger? With USO 11 days under the 8 day MA of median prices, a > 1:1 ratio, I am paying close attention to this market.
USO - up or down?Caught between the 30 high and 13 low MAs (zero slope) we will perhaps find direction sometime this week. Would take the trade either way.
Broad Markets Overview 20230421Better descriptions coming soon!
Apparently I need a longer description, this is from my live stream today.
USO Up or Down OIL ECOMONY in fluxAs certain countries want to exchange oil for money with anything but USD such as Chinese Yen
or even a cryptocurrency to be launched by US neutrals or adversaries cooperating, USO on
this chart rose dramatically over the past month and is now sitting at resistance as shown by
the LuxAlgo Supply and Demand Zone indicator. The RSI shows possible bearish divergence
perhaps heralding a reversal of the uptrend. I see this as a good place to take a short sell
entry and most buyers have taken their profits. Fundamentally there are enough competing
geopolitical and macroeconomic factors to deprive USO of the energy to push through resistance.
See also the link below from US federal forecasters.
I see this as a short trade at a limit price below the resistance zone and stop loss above it.
Profit targets can be the VWAP, the midline between the supply and demand zones as a 50%
Fibonacci retracement of the uptrend and finally one standard deviation below the anchored VWAP
making for a safe three-tiered take-profit procedure to optimize profit and diminish risk also
adjusting the stop loss at intervals using ATR as a guide. 40% at each of the first two targets
and the remainder at the last. Put options 20-30 DTE at the a strike above the resistance zone
for a good delta are another consideration.
USO presents 2 higher pivotsUSO horizontal 5 day MA of lows and envelope limit 5 day MA of highs point out two higher pivot levels.
USO (CRUDE) Bullish Bounce... something is up!Previously, it was observed and expected that Crude was to bounce. Instead, Crude made a dive down and out of the boxed range. For a moment, took a second take on the analysis and decided that it might have been a bit before its time, since the longer term pointed to two trends; crude to go up and USD to go down.
So, a chance came when USO triggered twice in the 15min chart ( system alerts set based on 15min intraday chart as a personal standard ).
It was a calculated risk and probability count.
USO/Crude had oversold, bounced off a couple of times, and broke our of a short term trend line. The Daily chart had a range breakdown, followed by long tails for the previous three days. It appeared to have a good probability of recovering.
A position was taken (USO 50 delta Call).
From there, we can observe the volatility (and hence you prefer to be in earlier and smaller position) and the development of the trade in the daily chart shows the opening of gap ups and closing of gap downs.
Furthermore, USO / Crude broke back into the range. And for such failures that recover and break back into range (orange and/or yellow box), there is a high probability of breaking out the other end. And yet other observations have the Fibonacci retracement bounce off the 50% to project a near term target of about 65.68 (150%).
All these are encouraged by the previous day's candlestick as Monday's candle gapped up and closed a previous gap down, and ended the day very near to intraday high. Daily technical indicators (MACD and VolDiv) have crossed over and are starting a bullish alignment.(Noted that the breakdown out of the range did have a VolDiv bullish divergence that was very obvious, an early suggesting that it was going to bounce and recover.
Going forward, USO is starting to be overbought, and a possible pullback to head up further to near term target is expected. Could be more bullish or otherwise more bearish. but am expecting the range support to hold better this time.
USO: Forest Bathing 🌲🌳 🌲🌳Forest bathing can improve mental or physical health, as spending time in nature can reduce stress and pain and boost positive mood. The United States Oil Fund should take this to heart and set out for the lush composite consisting of the turquoise zone between $52.24 and $43.83 and the green zone between $46.36 and $40.29. Therefore, it should drop below the support at $63.00, which should provide further downwards pressure. Wave 2 in turquoise should then ideally finish just before the support at $45.30, changing into upwards movement afterward. It is also possible, though, that USO could climb above the resistance at $72.22 to expand the last low in the form of wave alt.b in orange first before heading downwards.
