I know no one thinks oil is going to go lower after the run we've been having and the fact that there's a shortage of oil supply due to the conflict with Russia/Ukraine, but the chart is telling me a different story.
I don't know what could cause a pullback, but I could see
USO falling back the $56-62 support levels sometime over the next few weeks before continuing higher. Definitely a high-risk trade and I'm playing it through options... let's see how it plays out.
I don't know what could cause a pullback, but I could see
USO falling back the $56-62 support levels sometime over the next few weeks before continuing higher. Definitely a high-risk trade and I'm playing it through options... let's see how it plays out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.