To update my analysis from this weekend in my Weekly Strategy Session, with the relevant subsection reposted here, crude oil is showing signs of finding buyers are its prior summer lows.
On the USO, ETF for crude, you can see the $33 level acting as a floor. Note today’s surge in buyers.
To my eye, a close above the 20-day moving average (orange line), even though it is still declining, would signal at least a short-term change in character in crude, the likes of which we have not seen since September.
We know natural gas has been strong for several weeks now, in counter-trend rally mode. I am watching crude for a long entry as well. Perhaps the fate of the U.S. Dollar at prior resistance/breakdown level is also significant in this puzzle.
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do you have a fav oil play Chess ?
At this point just looking to play crude straight up via UCO.
doubled up on my QQQ weekly 85’s this morning. many bulls in the china shop, door is only so big/wide.
puts?
Putters that is
serious accumulation in XOM yesterday. Someone BOT boatload of Jan 95 callers