Oil - When do we buy or short?

USO which is the ETF which tracks Oil topped on July 11 at 119.17. It followed to lose 12.8% in 8 days. That was big at the time and now there is 12% Oil days. The July 11 stock at 119.17 compared to the 27.73 figure on DEC 26 is a loss of 76.7%. If Oil gets a 1/4 retraction from the 27.73 figure that would bring it up to 50.59 per share on USO. If course if it bottoms it has the potential to go up really big given the economic conditions and the future of the US Dollar based on Zeitgeist Addendum.





Right now USO is 37.30 and it has went up 34.5% and now it is crutial I think for Oil to find a level of support. I would like to see it give 1/4 back and if that is the case I would like to see USO lose about 2-3 and then when it rallies again this might be a time to get in? If it gives back 50% then it is still bullish and if it gives over a 2/3 retraction back then it could be a bull trap.





Has Oil bottomed, at least for the next 3-4 months?





Peace everyone.Oil - When do we buy or short?
It looks like a guessing game if you ask me. I know here in Baltimore the gas prices rose 15 cent in past week so usually that means more profits for them which will drive the share price up. I would probaly play it safe if I were you a observe it for a few. You can always catch it on the rise as long as you stay on it.Oil - When do we buy or short?
hard to say whether oil has bottomed. the recent bounce was largely due to conflict in israel. if that was to resolve the recent lows might again be challenged. if you want to bet that the conflict will be over soon, you might want to short. you also need to ignore retracement levels.