This has made a textbook head and shoulders bottom. Price target should be 66 once the neckline is broken. I will long once it breaks 56. You could long now but no guarantee it will break that neckline. I will post the first chart and then the second chart of a classic head and shoulders reversal. Last year, this traded at above 74 bucks at one point.
Heads & Shoulders barely work, if at all, under major studies. Find more useful things to drone about
We are almost there. Just closed at 53.53. I originally posted this when it was at 52.86. I believe it will go to 66.
Oil would have to go $90.00 a barrel to get USO to $66.00 with out the usual monthly 2% contract roll over loss. Akuma
I think oil is going to $103 per barrel. This picture says a thousand words and I dont need to draw lines on it. You know the price will at least reach $77. If it makes it past then we go to $103
i know He doesn't ever post a single trade. Just lists these vague targets. the H&S isn't very reliable. decending triangle much better.
Thats right (reply I dont see since its on my ignore list). A while back, I compiled a bunch of charts together that I posted up here about oil. The theory is that oil ran from late the 90s until the current time with a few calculated corrections. The correction in January is, in theory, a " macro measured move". It did a 50% retracement in January from the start of the climb in the late 90s. Its going to get to 79 for certain. I believe it will make it past that number though and, when it does, it will most certainly go into the 100s.