United States Oil Fund, LP ETF Forecast
Red day on Wednesday for United States Oil Fund, LP ETF after losing 0.425%
(Updated on Apr 24, 2024)
The United States Oil Fund, LP ETF price fell by -0.425% on the last day (Wednesday, 24th Apr 2024) from $79.98 to $79.64. During the last trading day the ETF fluctuated 1.38% from a day low at $79.16 to a day high of $80.25. The price has fallen in 7 of the last 10 days and is down by -2.98% for this period. Volume has increased on the last day by 294 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 4 million shares were bought and sold for approximately $289.40 million.
The ETF lies in the lower part of a strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $78.72 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 17.10% during the next 3 months and, with a 90% probability hold a price between $92.18 and $99.54 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
USO Signals & Forecast
There are mixed signals in the ETF today. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -3.35%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely. The United States Oil Fund, LP ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $79.47 and $78.51. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for United States Oil Fund, LP ETF
United States Oil Fund, LP finds support from accumulated volume at $78.78 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved $1.09 (1.38%) between high and low. For the last week, the ETF has had daily average volatility of 1.71%.
Our recommended stop-loss: $76.61 (-3.81%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (USO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect United States Oil Fund, LP to open at $79.68, and during the day (based on 14 day Average True Range), to move between $78.18 and $81.10, which gives a possible trading interval of +/-$1.46 (+/-1.83%) up or down from last closing price. If United States Oil Fund, LP takes out the full calculated possible swing range there will be an estimated 3.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $78.78 (1.08%) than the resistance at $81.53 (2.37%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is United States Oil Fund, LP ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for United States Oil Fund, LP ETF to perform well in the short-term.
Current score: 2.708 Buy Candidate Unchanged
Predicted Opening Price for United States Oil Fund, LP of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| $79.68 ( 0.0544%) | $79.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 80.77 | 1.42 % | |
| R2 | 80.36 | 0.90 % | ||
| R1 | 80.10 | 0.577 % | ||
| Current price: | 79.64 | |||
| Support | S1 | 79.27 | -0.468 % | |
| S2 | 79.01 | -0.791 % | ||
| S3 | 78.59 | -1.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 82.09 | 3.08 % | |
| R2 | 81.65 | 2.52 % | ||
| R1 | 81.53 | 2.37 % | ||
| Current price | 79.64 | |||
| Support | S1 | 78.78 | -1.08% | |
| S2 | 73.35 | -7.90% | ||
| S3 | 69.07 | -13.27% |
FAQ
Click here for our free guide on how to buy United States Oil Fund, LP ETF.
