Short USO or HAL July 7, 2009
Posted by wallstreetbuddha in Analysis, Trades, Uncategorized.Tags: HAL, USO
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I don’t want to write……..I’m going short USO in the morning. You can go short HAL too if you want. You can see that the uptrend was broken. Then the price action went flat. Now we have a break at the 35.66 (red line).
As for HAL same idea, Price level break. I’m a little iffy about taking these trades, because the volume seems less than robust. Also……I think the market in general should be flat till Aug/Sept.
You can see that HAL and USO can’t make it above the 200 ema levels which would be considered bullish territory.
I’m going to take the trade anyway. Going Short USO. If you want more volatility play HAL. But you would just be a tad late.
I don’t like to set targets but I’m seeing $30 for USO. $15 for HAL.
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USO – US Oil June 21, 2009
Posted by wallstreetbuddha in Uncategorized.Tags: USO
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Oil ETF, follows crude oil commodity. Uptrend intact. Approaching 200ema, which could act as resistance. We will closely observe price action at the 200ema. No entry point determined as of yet. The trend is in full swing possibly towards its end. It would be foolish to take a position. Much of the charts have been showing similar patters. We are trading BELOW the 200ema which makes me bearish on oil—for now. I’ll be waiting to see if there’s any possible short positions when we get to 200ema
