Friday, June 12, 2015

USO Position Update

Regarding the USO July $20 put position, here is an chart update and the first target I'm looking for.

 USO 1 min is still leading negative

However it's the longer 10 and 15 min charts above and below that I'm most interested in, both are suggesting USO break be;ow it's base's trendily/support now.


15 min USO

My first target on the downside is below $19, inside the base area. If/When we get there, I'll reassess USO and see if it's still worth holding. The equity short in USO will also remain open. I'm hoping for a lower target near the bottom of the range around the $16,50 level ultimately.

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