i continue to watch USO closely as it has once again broken below that uptrend line/rising wedge and is close to re-testing that horizontal support. i put the odds on a break of that support this time around vs. another bounce as i believe the EUR/USD has most likely put in a top on that right shoulder formation, hence: dollar up, oil down.
there are still plenty of active trades, long and shorts, on the site. i’d have to go thru all the charts but among the longs, i believe the airline stocks are the most objective longs at this point especially if the dollar up/oil down call plays out. DAL has cleared that T1 level that i mentioned yesterday and most of the other recent airline shorts that hit their targets continue to look good on the long-side.
many of the short set-ups and active trades posted over the last few weeks are still at or near the entry points or other objective short entry levels. some names include MA, CME, CRM, BAC, TXN, and WYNN. i’ll try to post a few charts later. here’s the USO daily updated chart.
