Oil prices have recently reached new highs compared to last year, because of the US suspending the sale of oil from its reserves, and OPEC+ limiting its production. These actions created a deficit of 'black gold' in the market, which has pushed prices up.
However, yesterday, 20 September 2023, the US Federal Reserve announced the likelihood of another interest...
Since August 23, AMEX:USO has been on a consistent upward trajectory, forming a Double Top pattern. Given this technical signal, it may be advisable to either sell call options or lock in some gains. In technical analysis within stock trading, a Double Top is a bearish reversal pattern that signifies a potential change in the trend from an uptick to a downtick....
It is rare that a market that has achieved more than a 4:1 containment ratio will continue without a retracement. USO 15 days over the 3 day MA of lows. Let’s watch for a correction next week.
USO Traders pay attention to this option sentiment/strategy
The biggest one for USO we observed up to now.
Based on our team's research of the options market, we expect buy activity at the support level or sell activity at the resistance.
We primarily consider levels to be activity zones, but not to be a super-fine level for establishing a limit order. Use them...
What do you mean by a spread? A spread is a difference between two similar markets, in this case oil stocks and oil service companies versus the basic commodity that those oil companies trade in, which is crude oil.
There is a substantial trade set up at the moment that presents large returns with a reasonable amount of risk. Shorting Energy Stocks using the $XLE...
It looks like WTI crude oil futures will close up today. That will be the ninth consecutive day that they are rising. In the last 23 years that has happened on only 8 previous occasions. In all but one of these 8 times, crude oil snapped the winning streak the following day. The mean return for all 8 occasions is -0.9%.
I am going short USO as a short-term...
When targets get hit, it's often a chance to play the reversal. I had today as a short opportunity & the guidance from my dowsing is this is a reversal/scene of the crime kind of play.
The target is around $74.
I was also guided to get a date, which comes in on the 15th. Dates can, and often are reversals, so maybe we hit the new lower target by, or on that day.
My attention was draw this morning to suggest a potential daily low on USO. My dowsing said to look for multiple days up after a "pop and drop" & "drop and pop" scenario today.
It also suggested this idea may take a couple weeks. It's really gonna have to dump today to hit the level, but I'm just going to give what I got.
I wish I had posted the work I had on this thing for the bullish move up from the 17th, but here we are at a date my dowsing gave me and a nice move up right into it.
I expect there to be a 5 point retracement and target is $68.50.
There could be another little pop on it, but it's a sell. I'll look for another date later. For now, it should go down as dowsing said...
3:1 or more containment ratio. Had a break but probably not done. I’ll watch for break of 8 day MA of lows to short. Maybe not more than a day or two but I’ll take what it gives me.
Well here we are at a 3.5:1 containment MA. Retracement soon likely. But remember a lot of the time just a quick retracement and continuation. Those shorting should not get married to the short position!
Blew through the 64 area zero slope MA. 71 area maybe the next equilibrium price area as that is the next zero slope MA up. Let's see what kind of headway we make and how quick over the next few weeks.
Nearby upside pivot band. Distant downside pivot MA. Will still follow distant downside pivot. Some really bad economic numbers or other softness maybe we get a downside break. Certainly the proximate upside a possibility this week or following.
Well USO is trapped between containment MAs and beyond them release MAs (the furthest away MAs that can be drawn with respect to proximate price action). I'd take any of these signals in either direction. Let's see if this week offers clarity.
