It's not over until the 'Fat Lady' sings!I am still long oil.
Mixed messages - but I don't have a sell signal, and I don't have indication of a market sell off as indicated by my crash monitor.
There are offsetting data:
inventory builds
OPEC output volume increases
Re-opening economies (impact from general wage growth)
Potential upside from the US infrastructure Bill
Increased in gasoline prices (offset by supply builds)
Rig counts
USO trade ideas
USO Rising WedgeKeep your eye on USO
1D MACD indicates either direction can occur in the short term. Energy sector has potential to pump in June.
RSI also has room to run higher.
If there is consolidation it should find support on the WHITE support line
$50 appears to be in play but PT is the BLUE upper trend line.
Rising wedges are bearish once broken, USO still appears to have more to go.
USO Long UpdateStaying long @ 43.30 Daily chart green arrow
Daily chart higher lows higher highs
daily over bought, so can drop
But look to the left Feb see how that stoch stayed at top
and stock went higher. That another thought
Weekly telling me stay long with a trailing stop
Weekly has higher lows.
Support 44
Resistance 45.29
USO: Pump up the Jam! ⛽⛽⛽Guys, fill up your tanks before the upcoming run, as we expect the USO to rise in the long run! However, in our primary scenario, we should see a correction down to around $35.41, given that the price is not breaking out above $44.64. This breakout has a high probability of 40%. So, it remains exciting to see whether the USO is taking the long road or is trying to take a shortcut.
What shall we look at next?
$USO Triangle Coming to a Head as Oil Correct Bull TrendUSO is narrowing in an unusually tight consolidation in a normally highly volatile market. Something has to give. Oil is pinched between supply constriction and concerns about demand. But the trend remains to the upside.
Watch for a shakeout to bust support followed by a trailing bid oppty.
USO..not the best oil trade but I stay long!I am still long oil with around 125% return on my position.
The oil WTI futures Backwardated previously; now Contango indicating a normal growth market.
I expect additional returns on a growth path. No hyper inflation.
The "Green new deal' not affecting exports and world demand as economies re-open.
I wil get into higher beta trades with oil's pick-up but keep Keep an eye on OPEC but with a short dollar I expect upward pressure.
Holding between $38 and $45We are comfortable holding long term USO between $38 and $45 based on current global environment and trading structure. There is a long term trend line that sweeps through at $38 that heads to $39 slowly, very slowly which is easier to take advantage of. Still targeting $45 on the long term that is a safe place to take a position off this trade but continue the uptrend