The USO (crude ETN) pure-play short or indirect hedge to any equity-index shorts has hit my 130.84 target for a 12% profit from the May 20th entry, with the odds for a reaction elevated before the next leg down. Consider booking partial of full profits or lowering stops, if holding out for any of the additional targets. Previous (May 20th) & updated 60-minute charts below, with a potential bounce target, should crude have a reaction off this support level.
USO-60m-May-20th
Likewise, /CL (crude futures) has just hit my 87.88 initial preferred (as per the solid arrows from the May 20th chart) price target for a 12% profit. Depending on your trading plan, consider booking partial or full profits and/or lowering stops if holding out for any of the additional downside targets. Previous (May 20th) & updated 60-minute charts below.
CL 60m May 20th
CL 60m May 27th
To be clear, I still favor more downside in crude oil in the coming days, weeks, & months. However, the odds for a counter-trend bounce off this 87.88 price target/support level and/or the 86ish target/support just below, appear elevated at this time.
ZB 60m May 27th
Personally, I booked profits on /CL here as well as my /ZB (30-yr Treasury bond futures or TLT) long, which was my other indirect hedge to what’s still a starter short on /NQ (Nasdaq 100 futures or QQQ), as the next pending sell signals posted yesterday on solid breakdowns below the minor uptrend line and/or the S1 support just below it, appears imminent & likely to come today. The 60-minute chart of /ZB is above with the updated /NQ 60-minute chart posted below. (QQQ & IWM charts were posted in the comment section below yesterday’s post with the /NQ & /RTY 60-minute charts/trade setups)
NQ 60m May 27th