Bullish Triangle on Oil ETF
Crude oil has been one of the strongest assets in 2022 as economies reopen and war drives up energy prices.
This chart of the
U.S. Oil Fund highlights the series of higher lows since mid-March. Prices have remained trapped below roughly $82 during this period, but closed above the level on Monday. Will that potential breakout draw buyers from the sidelines?
Second, the 50-day simple moving average (SMA) has provided support as prices consolidated. That may suggest the longer-term uptrend remains in effect.
Third, MACD is turning positive after falling for the last two months.
Finally, energy stocks have remained the strongest sector this year. That could reflect underlying confidence in the underlying product.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
This chart of the
U.S. Oil Fund highlights the series of higher lows since mid-March. Prices have remained trapped below roughly $82 during this period, but closed above the level on Monday. Will that potential breakout draw buyers from the sidelines?Second, the 50-day simple moving average (SMA) has provided support as prices consolidated. That may suggest the longer-term uptrend remains in effect.
Third, MACD is turning positive after falling for the last two months.
Finally, energy stocks have remained the strongest sector this year. That could reflect underlying confidence in the underlying product.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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