USO is in a sweet spot on its chart LONG
USO while the middle east, the Houthi rebels and the Suez Canal shipping quagmire affect
oil liquidity globally and prices at the pump continue to be volatile the federal government
seeks contracts to restore the national strategic reserves depleted in the last supply demand
challenge while the presidential and congressional election cycle starts warming up.
On the weekly chart, USO has just crossed over the long term anchored mean VWAP line
as well as the POC line of the volume profile. This is a bullish momentum move. Price is
situated in the middle of the high volume area showing expectations of decent trading volume
and liquidity. I see this as an opportunity to take long trades in oil or anything oil related.
CVX is on sale after a drop after the morning open. i will look at oilfield services stocks, big
oil and oil futures.
oil liquidity globally and prices at the pump continue to be volatile the federal government
seeks contracts to restore the national strategic reserves depleted in the last supply demand
challenge while the presidential and congressional election cycle starts warming up.
On the weekly chart, USO has just crossed over the long term anchored mean VWAP line
as well as the POC line of the volume profile. This is a bullish momentum move. Price is
situated in the middle of the high volume area showing expectations of decent trading volume
and liquidity. I see this as an opportunity to take long trades in oil or anything oil related.
CVX is on sale after a drop after the morning open. i will look at oilfield services stocks, big
oil and oil futures.
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