USO exceeded the suggested stop with a 60-minute candle close of 10.13 for a loss of 1.8% today. With bullish divergences still in place and the 10.15 support holding for most of today, USO might be added back as a new trade idea soon. The USO long/UWTI short trade will now be moved to the [...]
The following Short Trades have either hit one or more profit targets and/or exceed their maximum suggested stop & will be moved to the Completed Trades category, where all associated posts will be archived for future reference. ADP: After reversing about 1.25% shy of the first price target, ADP went on to slightly exceed the [...]
The 11.84 level has been a key support/resistance level posted on my 60-minute charts since the first day of the month. Further validation of that level has come so far today as USO has struggled at that level all day so far. USO just took out 11.84 with a 1-minute stick close above (as I [...]
As of now, the USO/UTWI short trade still looks fine from a technical perspective as prices are still trading below the bearish rising wedge pattern although I do have to say that I'm a bit concerned regarding the lack of impulsive selling such as we normally see immediately following the breakdown of a rising wedge [...]
The following notes & charts are related to the current USO/UWTI trade idea. Please login or sign up for your free 3-week trial to view this post.
The following Active Short Trade ideas are covered in this order: ADP, AG, AMZN, BRKB, FL, GDX/NUGT, XOP/DUG/GUSH, PCLN, & USO/UWTI.
As a follow-up to the recent USO / UTWI trade idea, here's the daily chart of $WTIC (Crude Oil spot price) showing the same bearish rising wedge pattern, along with some key support & resistance levels. Should my call for a drop in crude prices play out as expected, that would almost certainly bring down [...]