Limit Order Entry Fill: 22.30
Stop: 22.20
PT: 23.15
Risk to Reward (R/R): 8.5
OilWTI currently at resistance. If it breaks through resistance, we mitigate our risk with a tight stop just below the recent lows.
Now is a good time to load up on SCO. I think over the next couple of weeks it could drop 10% to 15% before really shooting up.
October and November will be a big month gas and oil.
OPAC has decidedly decreased their daily oil production by 100k barrels a day, and the U.S. has been artificially suppressing the cost of oil by digging into their emergency...
$SCO has been forming a bottoming pattern for the last couple of months is about ready to break out. Upon breakout, I can see the first big target being $11.53 which would be the 50% retracement of the move.
Let's see what happens over the coming weeks.
test
ProShares UltraShort Bloomberg Crude Oil seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
What do you think?
I will be buying some slightly ITM Calls here expiring in the middle of April in anticipation for US Oil to potentially go down by the end of the Quarter due to the Fed's monetary tightening.
The technicals look good for this Bearish ETF; Bullish Divergence visible on both the MACD and RSI and along with that we are at the PCZ of a Bullish ABCD.
According to the indicator RSI, SCO is oversold and ready to rebound to at least $35 with a peak of $60.
We think that the current oil price is overdue and ready for a retracement.
"World’s largest oil exporter plans to reverse recent unilateral production cut, signaling confidence in recovery"
www.wsj.com
Hi mates, i posting another of my todays trades. Its based od triple top on in my another idea posted few days ago. Its in realated.
here is data for my swingtrade:
------------------------Trade setup ---------------------------
Entry: 9.98
Stop Loss: 9,82
Profit target: 10,62
Time stop: 3...
First trading day in 2021 is key for NYMEX:CL1! AMEX:SCO it seems. Today was very volatile wide range day on high volume, traded completely out of value area of volume profile.
I expect sharp drop on NYMEX:CL1! and you can trade it by this leveraged ETF AMEX:SCO .
First target is 12.87 level
If you like the idea, do not forget to support with a 👍 like...
One of the few tickers I like to buy shares in. I like this long (shorting oil ) at least to the 200 sma on the 4 hr chart. Pretty low risk setup. If it breaks my hard stop of $18.20, I'll be looking for some rsi divergence for a possible headfake.
Im keeping my oil longs open into next week fam. SCO looks like hot garbage, check my VIX chart & 10yr.
NDX has hit melt up phase but SP500 & DJIA still have room to run.
DXY is till in free fall
