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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

Honey, is it time for the Jetski and Convertible again? AMEX:USO Looking at the Weekly chart, USO is oversold on RSI . Sell off VOLUME is enormous and appears to be slowing. We're also sandwiched in between the weekly ($4.30) and monthly supports ($3.70). From these regions, I am looking for a bounce up in the near future to retest resistance (highlighted) in blue, especially if we're getting close to a rescinded "lockdown" order. I anticipate oil demand to rise sharply with immediate "recreation" travel demand, i.e. Road Trips, Jetski's, ATV's, Cruises, etc. Let's be honest, who in their right mind will remain at home one sec longer after having spent a month + in isolation? Time will tell with this one. Good luck! NOTE: NOT TRADING OR INVESTMENT ADVICE> ENTERTAINMENT ONLY!
AMEX:USO
by tantamount
6
Incoming Reversal! Technical Analysis of USO - United States OilFirst, we look at the 1 week chart and establish there's an overall bearish trend. This is indicated by the downwards purple trend lines. Then we zoom in to the daily chart for more details and establish a level of support, indicated by the horizontal purple line. We also determine the short-term bearish signs and determine there's a loss of momentum. This new bearish trend support/resistance are indicated by the green lines. What we'll be looking for on Monday is to break out above the long-term bearish purple line. Look to place a trade around end-of-day Monday based on current position above or below that line. For me, the loss of momentum and the recent activity with oil in the news (Russia/Saudi deal) I'm going to lean towards a bearish trade. AMEX:USO
AMEX:USOLong
by CameronDWills
2
Oil supply exceeding demand creates opportunity.Oil has taken a massive hit over the last few years. As industry is pushed towards more energy efficient solutions, oil has been steadily produced in the background. The supply/demand mismatch initially creates burden on the producers, who have to store excess oil and deal with price volatility. Now, in a world nearly shutdown from COVID-19, demand for oil is at an astonishing low. However, the USA, Russia, and Saudi Arabia have all agreed to decrease oil production over the next few months. This decrease in output should help with the oversupply. As the world slowly regenerates from COVID-19, oil demand and use will increase. We should naturally see an attempt return to mean. In the short term, here is a falling wedge that appears to be printing. You can see bullish divergence on RSI and stochastic bottomed out. I will long the breakout and place shorts inside green box.
AMEX:USO
by nrhayes91
When is the right time to get into USO?Futures have dropped to new lows, and we're starting to get severely oversold with oil. USO has been accumulating nicely with lower lows and the RSI showing divergence towards the upside. We have June CALLS before this week, but will be adding more longer term CALLS slowly over time. We know that suppliers are trying to make deals about the supply, the demand will come once travel is allowed once again. When that news hits, especially for US, this will pop.
AMEX:USOLong
by Ahn_Options_Trading
21