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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.

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Mar 23, 2016 1:43pm|Categories: Equity Market Analysis, Gold & Commodities|Tags: , , |4 Comments

4 Comments

  1. morrienelson March 23, 2016 2:48 pm at 2:48 pm

    Good call Randy; CL sliced through 40 like a hot knife through butter

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    • rsotc March 23, 2016 3:12 pm at 3:12 pm

      thx morrienelson. FWIW, $38.00 is very nice support & a high probability price target for CL ($CL_F or crude futures, for those not familiar. Didn’t want anyone to confuse it with Colgate-Palmolive stock, ticker CL).

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      • morrienelson March 23, 2016 4:00 pm at 4:00 pm

        You are welcome; Looks like IBB is getting smacked pretty good today as well.

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  2. pmehrdad March 23, 2016 10:40 pm at 10:40 pm

    Hi Randy
    I am using TC-2000 charting software, Do i have access to 13 and 33 ema pair cross plot or i have to make this indicator.
    Appreciate your input.

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