USO (crude oil ETN) is approaching the downtrend line off the highs, offering another object short entry or add-on for at least a quick pullback trade & quite likely a swing down to my final target. Daily chart below. Tip: To reference previous charts & analysis, click on the USO or /CL ticker “tags” at the bottom of this post on rsotc.com (short url)
USO daily Oct 6th
Likewise, /CL (crude futures) is also approaching the primary downtrend line (resistance) where at least a tradable pullback is likely & potentially a swing down to the 73070ish support/final target. Previous (Sept 7th) & updated daily charts below. (note: the previous chart that was posted below on Sept 7th was for the now expired Oct contract. As such, the price levels & even the reaction pivots are somewhat different on the current (Nov) contract below.
CL daily Sept 7th
CL daily Oct 6th
Thanks again for your continued patience & understanding. I’m still without power (working off portable generators) & high-speed internet (this post took me about an hour to complete due to on & off cellular connectivity and unusually slow bandwidth today).
I still like the “formerly” risk-off assets such as Treasuries & gold as well as Bitcoin & Ethereum & will post updated