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#1 hiker

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Posted 27 September 2006 - 05:33 PM

9/27 closing basis -

http://stockcharts.com/gallery/?USO

a positive that it closed above recent intraday resistance near $56.30, where today's action heated up

note the PPO on the daily

note the PnF chart showing the move off the recent low...this is not yet even a 3-box PnF reversal, which is customary price behavior within consolidation moves, if that is what this move back up is...watch for more than a 4-box reversal on the PnF chart for a clue among other data.

9/27 intraday in the a.m. -

http://stockcharts.com/gallery/?USO

$54.06 to 56.41 has been the recent trading range since 9/20.

Persistent selling to date on intraday moves to 56.20-56.41 area.

Now will 54.06 to 54.55 hold up when tested? See today's test.

#2 SilentOne

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Posted 29 September 2006 - 03:32 PM

Hi hiker, USO is down $20 from its highs 2 months ago. Looks like a good long even for just a trade. :) cheers, john
"By the Law of Periodical Repetition, everything which has happened once must happen again and again and again-and not capriciously, but at regular periods, and each thing in its own period, not another's, and each obeying its own law ..." - Mark Twain

#3 hiker

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Posted 02 October 2006 - 04:26 PM

will the recent $54.06 low be targeted on this decline?

#4 mss

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Posted 02 October 2006 - 04:46 PM

will the recent $54.06 low be targeted on this decline?


Good question. At the present USO is behaving somewhat different than $WTIC. Both bouncing between "fib" ratios. Sorry about the big chart, only one I had handy. B)

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#5 hiker

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Posted 03 October 2006 - 10:26 AM

undecided about whether to try to squeeze some more profit out of USO swing short trade....so have tightened stop...will see what happens rest of day....took 1/3rd of position off the table only because $54 was my initial exit target per this weekly chart posted a while ago:

http://forums.techni...post?id=1381194

#6 TTHQ Staff

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Posted 03 October 2006 - 11:29 AM

Their site appears to be down again ..you want that chart hosted here at TTHQ?

#7 hiker

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Posted 03 October 2006 - 12:08 PM

I only cross post links when attempting to be timely, but short on time...I apologize

here is weekly chart updated for today showing an initial pause point in this price decline...we'll see if lower levels clearly plausible on the weekly chart are tested in future days

I posted the upside test of $58 resistance at the FF board on the day it happened:

Posted Image

Edited by hiker, 03 October 2006 - 12:09 PM.