The bullish harami at support may be the beginning of a reversal. Tension in Ukraine will help crude oil go higher. The broader momentum is still negative but a bounce may come here.
USO has rallied to just beyond resistance at the $39 level and still looks very bullish. If price can break $39 significantly then above $40.50 is the next level. Price is well above the LSMA. I expect to see price return to the LSMA before attempting a break of $39 that leads to $40.50.
USO continues to form a rising wedge which will ultimately create a larger selloff. Until the larger pattern forms, price's range will tighten in the pattern which is now poised for a selloff. The combination of the spinning top candlestick and the stochastic rolling over will bring lower prices in the near term but not for long as the distance between the...
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a...
USO is now below the LSMA and a bearish crossover has occurred but I don't expect to see much of a selloff. Price is likely to dance around the support/resistance line of $37.55 giving the stochastic a chance to reset for prices to move higher. The rising wedge has a lot of room to run and prices will rise to the $38.75 area quickly once this consolidation has completed.