As you can see in the chart, OILU 3x Crude Oil ETF is approaching the bottom trendline on the log chart. Usually we'll see a bounce here, if not, keep your stop loss close.
OILU (3x Leveraged Oil ETF) has reached the bottom of a 12 month trendline. Given the age of this trendline it's likely to hold and we're likely to see higher levels. This should be an easy one to trade with a tight stop.
Uses - Linear Regression Divergence of - Ichimoku Cloud - John E. Zero Lag EMA - Hilbert Sine Wave Support/Resistance
Retrace to the 50% Following elliot wave, waiting for the next push up. Check out volume as well at the end, picking up. Can see a move up from here.
The price shows a very strong downwards momentum but as recovered from recent news. however, the Oil output is expected to rise over the next coming months and this will be extremely bearish for the commodity as oversupply will flood the market.
A volumetric analysis based on the X-volume indicator indicates active purchases at lower prices and an inefficient distribution at a low volume. Therefore, the growth to the resistance level of 63.81 is most likely. Levels by X-Lines indicator. Both indicators you can find in my list of scripts.
Based upon data and the continued negative sentiment regarding oil supplies. I believe USO will continue degradation. The first short target is 11.02 and the second is 10.46. March Puts at 12.00 are in play. I expect a bounce at .686 Fib and then continued downtrend until capitulation of oil rigs in the fall. I expect crude to succumb to pressure until 55bbl...
US crude oil longs in play - In my view, the weekly bearish trend is broken and the daily trend is now in a bullish structure. I see oil reaching 50s before stopping for another pull back then rallying again to 52s.
Less and less attention to oil of late. Also, it's a summer time and this also affects the demand. The Market showed us good price level to open positions, so we have a good route to use them all. - Sell from now for few hours - Sell from resistance lines for 15 min - Sell till the end of the day - Sell till the end of the week