sp'60min
USO'60min
Summary
Bulls have strong rising trend support @ 1635. I can't see that failing today. Sure we could see a minor red close, but underlying pressure remains UP.
A small pomo today, but still...there is a little money to keep prices propped up.
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*I remain looking to go long Oil, EIA report is at 10.30am....always better to take a position AFTER that is out of the way.
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10.03am.. USO 33.02 ...and still slipping. On the 15/60min cycles its very low, I'd be surprised if it breaks much lower.
Hard to guess if it'll ramp right on the oil report, or if a minor secondary wave lower.
Regardless...I'm looking to buy
10.26am... standing by for the oil report! Oil itself..still very weak.
10.33am.. LONG oil, from uso 32.97
first upside target is 33.40s. Worse case downside is 32.20s
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