Wednesday, April 05, 2017 2:58:47 PM
I am short oil. I did this simply because the chart dictated that message via multiple indicators, as follow...
First, prior to the recent collapse just weeks ago, crude oil was trading in a range of $55 as a high, down to $52 lows. After oil collapsed to $46, we have seen a technical bounce that touched the $52 today. This is major resistance because it is the former low end of the range.
The next factor is found on the USO, the ETF that tracks oil. Today it tagged the daily 200 moving average after a massive bounce run. In addition, the daily 50 moving average sits just pennies above. This signals a pull back, thus another signal to short.
Lastly, oil inventories continue to build. The U.S. is producing more and more oil, killing any price pressure from OPEC's production cuts. Oil above $50 will only increase U.S production. I expect another leg lower on oil in the coming weeks to $40.00. I am short and enjoying the small risk to big reward.
Chart: http://www.inthemoneystocks.com/images/bryan/USO%2004.05.2017.PNG
Gareth Soloway
InTheMoneyStocks
Recent USO News
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2024 01:24:59 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:36:07 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/06/2024 08:34:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:31:08 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/29/2024 12:52:43 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/28/2024 01:21:55 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 07:31:39 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/29/2024 10:22:18 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 02:25:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/30/2024 03:54:45 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/28/2023 04:23:21 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 12/04/2023 10:02:52 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/28/2023 03:11:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/16/2023 10:04:21 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/07/2023 04:25:33 PM
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