USO — 5 entries on this page, 1 of them a change of direction.
So could be a shortable opportunity on USO in that area for US for oil.
And apparently we are now hearing, Brian, uh, explosions here on Cargo Island. That is something we are paying attention to for USO, and I know that you used to be a prop trader in our world, but you can see here that that has absolutely caused an upward spike in USO at the moment.
Um oil it's a bit of a problem. USO is up three when oil is up. Spies do not like it. That's been the narrative. Let's take a look at USO first. USO look if it gets above this uh you know 142ish and holds it. you know there's really nothing up to the highs and the computers are not going to like that.
So indicy sellers will come back if USO gets above here which um it basically is it's opening above there. So that's why the spies are up a dollar now it's down.
Same thing holds true with the oil and I've seen this long enough to realize that the stocks tend to lead the oil not the other way around. So, the fact that those are very strong, I think is a good sign and uh I would think that we're probably going to see this sort of drift higher over time.
First off, let's look at US oil. You can see here US oil most recently, as you see here on this price action at the middle part of August, notice how when we went up to attack this declining trend line, we hit it 2 days in a row, then just faded with this trend line before breaking out and confirming with this extended move.
Now we have price on US oil coming back down for my trademark breakout retrace bounce play. So at $80.53, you can anticipate price action catching support on the chart of US oil and then potentially bouncing to push up to the next key resistance here at $96.44.
