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USO Bounce Target Hit. Pullback In Crude May Have Ended.

My apologies. In this fast moving market, it can be very difficult to post timely day trading opportunities before they play out. By the time I was able to mock up the chart, upload it, & compose the previous trading opp on USO, it ripped up on volume & hit the 14.68 level very quickly, as most likely I wasn't the only one watching those levels.

USO 5 minute 2 Sept 2nd

USO 5 minute 2 Sept 2nd

I'm out (also should have mentioned that my preferred trading proxy was to use a leveraged trading vehicle such as crude futures or UWTI, the 3x long crude ETF). My thoughts are that although we might get a reaction here at the 14.68 resistance level/target, the odds favor a resumption of the near-term uptrend in crude as I also continue to expect the $US Dollar to move lower soon as well (which should buoy crude prices).

Going forward, I will try to refrain from posting any short-term trading opps unless I am able to publish the setup well in advance of the breakout or entry trigger. Those signed up to receive email notifications will soon have the option to opt out of posts on short-term trading opportunities such as this, instead receiving only email notifications for swing trade or long-term trade ideas.

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Sep 2, 2015 12:58pm|Categories: Gold & Commodities|Tags: |Comments Off on USO Bounce Target Hit. Pullback In Crude May Have Ended.