Oil

Let’s take a look at the weekly chart of oil and what it means moving forward.  And lets just say shorting it at this point is a high risk trade simply because it has broken through one resistance level and is challenging another right now that, once broken leaves plenty of upside for the commodity

Alright folks – I have been following $USO and the price of crude very closely of late.  I’m of the belief that crude is ready to drop – another 5-6% this week, and in the process, allow for those who took the short set up at recent highs, a great return for the risk.  I’m

4/21: Crude hitting major resistance on the chart. Since I don't trade futures in the Splash Zone, I have elected to short USO instead. There is plenty of long-term resistance overhead on the price of crude, which I will provide a chart for.

Technical Outlook: Two straight days of consolidation at the rally highs.  Weakness this morning across the board in the indices as a result of a failure for oil producing countries to agree upon a freeze in production.  As a result, USO is looking at a potential double top in the short-term as it starts to

USO chart so far is really interesting to me. Yes, it has lost all of its short-term moving averages that include the 5-day, 10-day and 20-day, but overall, the pullback that has, until today, lasted six straight days and seven of the last eight days, has only given up 38.2% of its recent gains,

After breaking out of its recent base, oil has been on a roll, breaking out of its rising channel and crushing the hopes and dreams of bears wanting to see $20 oil.  Now the question is, does the bears have a renewed sense of hope here with a possible break in the rising trend-line?  We

Check out the chart below to see what I am watching on the USO play. Some good developments unfolding for the bulls, but still remains on shaky ground until it can prove itself.  Here’s the technical analysis on USO: