I just got a look at this, there looks to be a very nice short, but there are multiple or at least 2 trends, the short and a much longer term long so it appears as if there's a decent amount of downside in USO near term, I just can't be sure whether it's a deep pullback in a larger bullish trend or whether that 60 min chart is seeing the effects of migration and instead of reflecting a pullback, it's reflecting deterioration of the trend.
I've confirmed via crude futures as well.
The ideal short entry would be above the highs of Dec. 27th which we aren't far from and it looks like there's a 65% chance of an intraday push higher.
In any case, I wanted to let you know so you can take a look with your tools while I finish looking with mine.
5 years ago
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