Swing Trade USO United States Oil Fund

USO Swing Trade
USO Swing Trade

USO is a very tradable stock. It is trying to form a new trading channel.  Swing Trade alert LONG $9.65-$9.73 area. See the chart and the areas we have defined. USO can be scalped here for a few bucks or USO can be swing traded at this level. Oil is simply taking a much-needed rest here.

 

Swing Trade USO Alert issued for USO today for those that share the bullish view. The good thing is if our set up is wrong we have time for the trade to back to us.

The oil trade has treated us very well.  We will continue trading USO till the trend stops working.

It appears the USO shorts have piled on the last few days and the line is drawn in the sand here.  We think there could be some consolidation as USO attempts to form a new trading channel.  Keep an eye on this as it may take a few days for this to play out.

USO is at $9.64 as this is being written which is at the bottom of our channel.

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