I don't often look at ETFs, but I find USO to be very interesting right now. This ETF, United States Oil, closely tracks the price of crude oil in New York.
This market appears to have completed a formation that could have great profit opportunities in the near term.
USO is currently trading at $32.56
It gave a monthly buy triangle last week. This is the first buy signal since April of 2008.
How high can USO go? If we use Fibonacci retracements, a 23.6% retracement would put USO at $45.21. A 38.2% retracement would put USO at $59.33.
Now you do need to exercise caution here by setting a tight stop loss. What makes this a risky play is that inventory levels of crude oil are rising because global demand has dropped off so much due to the global recession. Many analysts feel that a bubble has formed in oil over the last month as fundamentally, the current price of oil can not be justified.
In my new video below, I explain in detail a strategy that I am using to approach this market.
Get rid of the "worry" stock and replace it with something that has the potential to zoom upward.
I'm talking about USO and Oil.
I don't often look at ETFs, but I find USO to be very interesting right now. This ETF, United States Oil, closely tracks the price of crude oil in New York.
This market appears to have completed a formation that could have great profit opportunities in the near term.
USO is currently trading at $32.56
It gave a monthly buy triangle last week. This is the first buy signal since April of 2008.
How high can USO go? If we use Fibonacci retracements, a 23.6% retracement would put USO at $45.21. A 38.2% retracement would put USO at $59.33.
Now you do need to exercise caution here by setting a tight stop loss. What makes this a risky play is that inventory levels of crude oil are rising because global demand has dropped off so much due to the global recession. Many analysts feel that a bubble has formed in oil over the last month as fundamentally, the current price of oil can not be justified.
In my new video below, I explain in detail a strategy that I am using to approach this market.
Get rid of the "worry" stock and replace it with something that has the potential to zoom upward.
I'm talking about USO and Oil.
I don't often look at ETFs, but I find USO to be very interesting right now. This ETF, United States Oil, closely tracks the price of crude oil in New York.
This market appears to have completed a formation that could have great profit opportunities in the near term.
USO is currently trading at $32.56
It gave a monthly buy triangle last week. This is the first buy signal since April of 2008.
How high can USO go? If we use Fibonacci retracements, a 23.6% retracement would put USO at $45.21. A 38.2% retracement would put USO at $59.33.
Now you do need to exercise caution here by setting a tight stop loss. What makes this a risky play is that inventory levels of crude oil are rising because global demand has dropped off so much due to the global recession. Many analysts feel that a bubble has formed in oil over the last month as fundamentally, the current price of oil can not be justified.
In my new video below, I explain in detail a strategy that I am using to approach this market.
Stocks Above I Currently Hold In My Own Trading Account: Long LIFE
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