By Dan Darrow
September 07, 2022
Intraday Update: USO
The range on USO held perfectly for two months, but that is changing this morning. USO has dropped quickly over the last several minutes to lose the 200day sma (71.11) and key 70 support level, and it is hitting the tight technical stop at 69.50. The Sep30 $73 - $79 call spread was just initiated yesterday, but the position was opened knowing that the setup was make-or-break on the bull side with the ETF trading at ~71-72. The trade will be closed off the open this morning before a major breakdown can develop.
Trader Author Portfolio Holdings
**As of the date and time of publication