Thursday, July 24, 2008

USO Falling Wedge/Comp Rising Wedge



10 comments:

Darwin said...

Stewie, nice going all around...you're like a pro golfer....consistent. Can you take a quick look at the WM chart and tell me if you see a double bottom today or is this stock to volitale to even consider the chart? thanks in advance for any insight.

Stewie said...

hi darwin. thanks bro. WM had a kind of a double bottom trade today but it was definitely not one i would have taken. not the best one basically.

upsidetrader said...

stew,
its not over for the energy bulls by any stretch, iran and nigeria will continue to screw things up

Dave said...

Where can you go online to see real time oil quotes? Everything I seem to be looking at is delayed.

Stewie said...

dave. i just follow uso and watch cnbc for crude futures quotes. not sure where to real time crude quotes. try bloomberg.com

Anonymous said...

stewie,
on the USO chart, is this a bullish or bearish pattern? I'm just learning about charts and I'm wondering which way the USO chart should break out. Thanks, G.

Stewie said...

G. a falling wedge is a corrective pattern in a bullish trend. So this pattern is bullish. But a break of the recent lows and this pattern is nullified.

Dave said...

Stewie,
Do you call a breakout of the 99.55a nullification of the pattern if it bounces back above and stays above? Wondering what your thoughts are on how this is playing out today.

Anonymous said...

Stewie-

I was looking at some charts of the USO, here's my 2 cents...

on the daily chart, at 106 theres pretty significant resistance in the form of important EMA's lining up with a retest of a broken trendline, going back to February. Personally, I would short it at around 105, 106 and look for it to head into the mid 90's.

Stewie said...

dave: uso looks ready to turn mo. a stop at 98.5 would be the line in the sand.

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