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United States Oil Fund

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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
AMEX:USOShort
by matthias
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!
AMEX:USOShort
by JenRz
6
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.
AMEX:USOShort
by AwesomeAvani
1
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.
AMEX:USOLong
by Auguraltrader
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.
AMEX:USO
by MarketIntel