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UNITED STATES OIL FUND LPUNITED STATES OIL FUND LPUNITED STATES OIL FUND LP

UNITED STATES OIL FUND LP

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USO trade ideas

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.
AMEX:USO
by UnknownUnicorn2319099
8
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.
AMEX:USO
by MrMoneyMatrix
2
$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.
AMEX:USO
by GregFolin
🤔 Keep An Eye On Oil. (USO)💰 LET'S GET INTO SOME OIL ANALYSIS!💰 1️⃣ First off SMASH that LIKE BUTTON & Give us a FOLLOW for DAILY ANALYSIS! ❤❤❤ (Overall Market Sentiment) 🐻 Bearish - 3day Chart - Doji Compression - 3/3 EMA DOTS Red Potential double top as oil takes a 5% hit today. Take entry based off indicators and add the breakout on the range drawn for extra confirmation on trend. Best of luck to you and all of your trades this week! 🤜 Drop your charts and comments down below, share with us what you think is going on in the markets! ❤❤❤ Thanks for checking out our analysis! ✌😁✌ 🥇MLT | MAJOR LEAGUE TRADER
AMEX:USO
by UnknownUnicorn2319099
3