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United States Oil Fund

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USO trade ideas

USO 15m Analysis - price moved higher as anticipatedToday USO continued to press higher through most of the session. I was able to take advantage of the rally from the open and finished my trading day around 9:30AM pst and up 91 ticks (paper pre my Aug. trading plan). After three sessions of almost no activity it was nice to see a bunch of profitable trades. I do see that another wave higher occurred through the second half of the session which has further propelled us up towards my ultimate target zone $37.70 to $38.20 area. Since the last burst higher was an almost vertical move, I shall be looking for some kind of consolidation before considering my next trade.
AMEX:USO
by CRInvestor
USO 15m analysis - trending lower but getting a bit over doneThe must anticipated OTE long sweet spot (103.65) was hit today amid the EIA and FOMC events. A new 15m bull momentum divergence has put a bit of a floor in the market. The 'stop to trail' level was hit on the 15m 'bot' short (short from 37.40 and when price traded to 37.07, stops should have been changed to 'trailing' by no more than 15 ticks) so it is currently flat. I for one shall be watching for a healthy bounce in price from current levels before considering any new short ideas.
AMEX:USO
by CRInvestor
15 minute USO looking very toppyThis past week saw energy prices (as measured by the ETF - USO) move steadily higher on both geopolitical concerns and a larger draw down in US inventories then expected. Internal momentum would suggest this market is not as strong as price would imply and ought to spend some time 'cleaning itself up' before any new long positions should be considered. I for one shall be hunting for short term bearish AB=CD patterns as we work our way first to the 38.2% Fib retracement level and then ultimately back to the OTE Long Sweet Spot (70.5% Fib retracement level).
AMEX:USO
by CRInvestor
CRUDE OIL (USO) ready to short squeezeI view the crude oil market as extremely oversold and ready to rally. I also see that there could have been the possibility of a coordinated action to help the price of crude oil push down going into the election. There was definitely an incentive to create a positive mood in the minds of voters heading into the election and now that that is behind us, I believe the market will have a rally to squeeze the shorts. The softness in global demand is an issue over the past several months, so I am not necessarily looking for a new, long-term uptrend, but rather a trading rally that can move the price of oil up 15%-20% within the next 1-3 months, with the likelihood that the rally will be faster. Look at the "yellow circle" on the chart. This is the "beach ball" being held underwater down here. It isn't easy to hold a beach ball underwater and any reduction in pressure will allow the ball to lift back up. So, since the election is over, I will presume that there are likely far fewer sellers down here and a ripping rally is likely just around the corner. Upside is back to the 3-month highs. Risk is 3 average true ranges.
AMEX:USOLong
by timwest
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