The United States Oil Fund etf (USO) found good support at the 200 day moving average (red line) reinforced by several bullish candles and now sits at minor resistance at $40. A push above that would lead us to initiate a Bucket 2 trade with target near the 50 dma (yellow line).
After consolidating for several weeks now, Oil is up and rising again…and this time could try to break higher and above resistance. Looking at the oil futures (light sweet) contract itself, resistance is at $107. While volume leaves someting left to be desired on this most recent up-move since mid March, it does look healthy […]
An early selloff led to a classic intraday double-bottom and ended up with a rally. On the S&P500 daily charts we now have the 50 dma and the critical $1300 right here and looking at the overnight futures (up 0.75% right now) we might open above those two key levels. Whether that ends up being a […]
Despite all the headlines oil's 7% drop has made this week, oil thus far still remains above the $105 level where it broke higher from in late March. As discussed in today's Morning Line-Up Newsletter however, I would not be a buyer here until I see price stabilize. My long target (i closed my longs […]
Oil was also defiantly strong yesterday despite a strong equity trade. Should it keep rising today then at some point equities have to play catch up. … to the downside that is.
The 'USO' Oil ETF has major resistance at $42.30 for now. I am taking some profits here but do believe prices could rise much further after some consolidation. Keep this one front and center as it's likely to move the market for some time.