The USO (crude oil ETN) Active Long Swing Trade has just hit the first price target, T1 at 10.98, for a 2.62% gain. Consider booking partial or full profits and/or raising your stops, if holding out for either of the additional targets.
USO 60m 2 Feb 14th
/CL is still testing the 52.20ish resistance level as per the previous update in the pre-market session earlier today. As such, a solid move above today’s highs in both /CL & USO ‘should’ be the catalyst for the next leg higher up to those next price targets although if I am correct on my analysis that the equity markets are about to start the next 3%+ correction, that could provide a headwind to crude oil although not necessarily. As such, I will leave USO as an Active Trade for the time being as the charts remain constructive at this time.