United States Oil Fund (USO)

Discussion in 'Stocks' started by michaelscott, Jun 29, 2007.

  1. 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.
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  2. Here is a classic H/S.
  3. S2007S


    I used to trade this, no more though. Doesnt track the barrel as I thought it did in the beginning.
  4. It doesnt track the spot. Its more of an actual fund that plays the oil futures...right???
  5. Heads & Shoulders barely work, if at all, under major studies. Find more useful things to drone about
  6. 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.
  7. 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.

  8. 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
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  9. 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.
  10. 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.
    #10     Jul 2, 2007