USO Oil Short

29 thg 5

USO on the 60 minute chart is currently in a broadening wedge and reflecting down off a

reversal at the upper resistance trend line. The MACD lines have crossed over the histogram

and are trending down showing moving average convergence. Price is between the mean and

first upper band lines and moving down toward the former. Current factors at play include

an OPEC+ meeting, Russia working around sanctions, increased demand of the summer driving

season, federal rate action projections as well as those in Europe and the ongoing conflicts in

the Middle East. I will short USO here targeting 74 at the bottom of the wedge pattern.

29 thg 5

Ghi chú

Zoom in :

4 thg 6

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Trade closed in profit at price of 72. now watching for a reversal long.

6 thg 6

Ghi chú

Long Entry taken targeting 78.5 at the top of the wedge.

7 thg 6

Ghi chú

Price moved higher. Stop loss raised to stop even. Risk free trade.

12 thg 6

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USO now readying to reverse again.