12 replies to this topic

[hiker]

11/1 intraday

bearish configuration of the moving averages continues as the price decline is sustained

note the above average volume candles this week

rallies to the 21-day ema have been sold so far

[SilentOne]

Nibble here or will it just dribble lower? I bought a little USO today. It looks like an ending diagonal forming here in the last month. I'll look for a "B" wave up here to retrace the WTIC decline from $80. cheers, john

[PorkLoin]

John, I think that's a good play. Agreed on the "diagonal" feeling, and the decline from the high does look impulsive, i.e. further decline in a larger corrective movement is expected later. I guess one could also count the whole move down from the all time high as a "C" with A and B having come earlier, originating at the prior top in April, but either way some sort of move up would look good. Doug

[hiker]

11/6

today's high is marked

closed today one cent above the 20-day ema, which has represented resistance since early August

[SilentOne]

Doubled my USO position on today's close here at $52.55. Oil is getting set for a move here and I assume it will a change of trend to be confirmed shortly. cheers, john

[hiker]

thanks for the update, John. I am still flat USO.

[SilentOne]

hiker, USO broke up out of the wedge today. cheers, john

[colours]

How is the liquidity on USO ? Can you get out of a position with ease?

[SilentOne]

colours, The ETF traded on average + 2 million units the last 10 days. How much do you want to buy?? I don't think my 4000 units will sway the market that much. The chart swung to a buy on the daily. cheers, john

[Sentient Being]

Nice conversation guys. I'm thinking about treating USO as if the bottom is in and either an ABC or a 1-5 is underway to the upside. Chase it down toward that 10-31 bottom with a buy stop just above each prior days high. If 10-31 breaks I'll back off. If a buy stop hits, slip in my own stop loss and hope there is more upside to come. Maybe a cold winter, on-going opec cuts, etc will push it up a bit.