United States Oil ETF

  • USO

  • $76

  • -1.95%

  • $77

  • $77

  • $76

Ticker Appearances

Wed, December 6, 2023 | 12:41PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Wed, December 6, 2023 | 12:41PM ET
Here's a follow-up to last night's Energy comments as WTI Crude and Energy have extended losses- Fundy reasons? 1) US gas demand has barely bounced off Nov lows, unusual for this time of year 2) China refinery runs are lower 3) US Oil production increase, offsetting OPEC production 4) Angola said it will not stick to recent agreement, which might make it likely others also do not abide- Russia has been found guilty of cheating along with UAE 5) Facts Global energy said next round of refinery maintenance in Spring will be larger than usual- TECHNICALLY, USO -1.95%  the US Oil fund, looks to weaken to$60-$62 area, but this will complete both TD Setup counts and TD Combo exhaustion as early as next week- in my view, Energy looks very attractive to buy dips NEXT WEEK, (but not just right now) until these counts complete and this gets closer to Spring lows- however the risk/reward is getting increasingly better
Tickers
Tue, September 5, 2023 | 10:16AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Tue, September 5, 2023 | 10:16AM ET
Both Saudi Arabia and Russia extending Output cuts for another 3 months until December (Announced today) Brent Crude has spiked above 90 and WTI - Despite being seemingly stretched after already rallying for 5 of last 6 days to highest levels for 2023 over last week, the US Oil FundUSO -1.95%  likely will push up to 79.25 and DeMark counts are 3 days early- Energy likely outperforms this week as Crude extends gains
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