USO DWTI Price Targets & Suggested Stop-loss

The price targets for the recently posted USO long/DWTI short trade will be T1 at 10.63 (for those only looking for a quick bounce trade), T2 at 10.98 and the current final target of T3 at 11.39. The suggested stop for those targeting T2 or T3 will be on a 60-minute candlestick close below 10.15. Once again, the entry posted earlier today is an aggressive entry with a more conventional, higher probability entry to come on either decent evidence of a reversal before the 10.15 level and/or a breakout above the top of the wedge pattern. USO 60-minute 2 July [...]

USO DWTI Trade Setup & Entry

USO (Crude Oil ETP) is piercing through the bottom of this 60-minute bullish falling wedge pattern on what is likely to prove to be an over-throw of the wedge followed by a reversal & upside breakout. While I'm on watch for signs of a bullish reversal or possible near-term selling climax for a buy signal but with $WTIC & $CL just above my downside target of 43.50, I'm going to add USO as a long and/or a short on DWTI (3x bearish crude ETF) as an official but aggressive trade idea here. DWTI current price is 96.60. Price targets & suggested [...]

USO, Crude Oil ETF, Pullback Target Zone Hit, Bounce Likely

Following a failed attempt to break & close above the orange resistance line on the daily time frame, crude reversed off that level & is now approaching decent support as well as my 60-minute chart target zone. While I do expect a bounce in USO (crude oil etf) from or just below current levels, I suspect that bounce could be relatively minor (~3%) before prices start grounding around in a choppy range for a while. The previous daily charts of USO posted on March 11th & March 23rd are followed by today's updated daily chart: Zooming down to the [...]

Apr 4, 2016 11:04am|Categories: Gold & Commodities|Tags: , , |3 Comments

USO Crude Oil ETF Pullback Targets & Outlook

Member @getitriight in the trading room mentioned being short crude oil via DWTI and inquired about some pullback targets, which are on the 60-minute chart below. Both longer-term & intermediate-term, USO (crude oil etf) still looks bullish. However, the 60-minute charts indicate that more downside is likely in the near-term (coming days) before a resumption of the uptrend. On the intermediate-term time frame, A multi-week/month sideways consolidation range is also very much a possibility at this time.

Potential Bearish Rising Wedge Forming In Crude- Covering Short

CL (crude futures) appears to be working its way up within a bearish rising wedge pattern although I favor one additional bounce within the wedge before any meaningful downside. With CL & USO (in pre-market) approaching support, I just covered (sold) the pot-shot DWTI (3x short crude) trade that I mentioned taking in Friday's video while USO was trading around 9.82, just off the highs while trading around my first bounce target level. CL (crude futures) 120-minute chart below. I'll post an updated chart of USO on the front page or within the trading room after it begins trading in the [...]

Feb 1, 2016 9:12am|Categories: Gold & Commodities|Tags: , , |Comments Off on Potential Bearish Rising Wedge Forming In Crude- Covering Short

Crude Oil- USO/DWTI Update

The previous USO long/DWTI short trade entered on Jan 14th exceeded the suggested stop of any move below 8.54 in USO shortly after the last update posted on Jan 19th.  Accordingly, that trade has been moved to the Completed Trade category although crude oil is still on my radar as another official long trade idea following the very bullish price action into the end of the week. The levels in the 60-minute chart of USO below represent potential near-term price targets for those still long USO/UWTI or short DWTI, with longer-term targets to be added, should the charts continue to firm [...]

Jan 24, 2016 2:05pm|Categories: Completed Trades - Long, Gold & Commodities|Tags: , , , |Comments Off on Crude Oil- USO/DWTI Update

Crude Oil Update: USO DWTI UWTI CL

Here's a look a various crude charts. Starting with the 60-minute chart of USO (crude ETP), USO failed to follow-thru on last week's falling wedge breakout but the bullish case has not been eliminated just yet. We still have what appears to be a possible selling climax, evidenced by the recent surge in volume over the last couple of weeks in addition to positive divergences in place on the USO 60-minute chart. USO 60-minute Jan 19th   The 60-minute chart of CL (crude futures) below also highlights the volume surge into the recent lows followed by volume expansion as [...]