USO US Crude OIl ETF trending down SHORT
USO on the weekly chart over the past two and a half years makes a symmetrical triangle
patter with the upper and lower trendlines drawn in. Price appears to be dropping out of
the pattern in a breakdown and she now yet tested the prior support trendline as resistance.
The Stochastic RSI and Zero Lag MACD are confirmatory. The Relative volatility indicator shows
downward volatility exceeding upward for six weeks now. Putin just met with OPEC+ in
Saudi Arabian. It is doubt that the OPEC+ has the fortitude to cut supply to force prices higher.
Dropping the price of oil nicely supports global efforts to stymie inflation for the good of all except
perhaps OPEC+ and Big Oil. I will take a short position in buying put options on USO.
I will strike $ 60 because the puts will be cheaper and I expect the price to drop below that
into a volume void on the profile and not be easily able to get above the volume shelf at
$63 where I will set the stop. I am targeting $35.00 which is comfortably above the volume
profile POC line. I will take an expiration next July during the presidential nominations.
Politicians are also wanting oil prices to drop to keep voters happy. All goepolitical events will
have a bid in the price action of the puts.
patter with the upper and lower trendlines drawn in. Price appears to be dropping out of
the pattern in a breakdown and she now yet tested the prior support trendline as resistance.
The Stochastic RSI and Zero Lag MACD are confirmatory. The Relative volatility indicator shows
downward volatility exceeding upward for six weeks now. Putin just met with OPEC+ in
Saudi Arabian. It is doubt that the OPEC+ has the fortitude to cut supply to force prices higher.
Dropping the price of oil nicely supports global efforts to stymie inflation for the good of all except
perhaps OPEC+ and Big Oil. I will take a short position in buying put options on USO.
I will strike $ 60 because the puts will be cheaper and I expect the price to drop below that
into a volume void on the profile and not be easily able to get above the volume shelf at
$63 where I will set the stop. I am targeting $35.00 which is comfortably above the volume
profile POC line. I will take an expiration next July during the presidential nominations.
Politicians are also wanting oil prices to drop to keep voters happy. All goepolitical events will
have a bid in the price action of the puts.
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