The first trading session of 2019 is bringing a slight relief rally in the beleaguered commodity, and every bounce should be sold with both hands.
Taking a look at two charts side by side, on the left we have a weekly chart of USO and on the right daily. You can see USO coming up on resistance and I want to be short this from just a bit higher.
We remain in a market ripe with trading opportunity and from both the long and short side. I’ll do my best to bring plays with great risk reward to your attention as I come across them. Put this on a watch list and anything above $10 I think you can get short.
Trent J. Smalley, CMT