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 [...]

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 [...]

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 [...]

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