Oil Megaphone
The Megaphone or Reverse Symmetrical Triangle in crude oil fund USO looks interesting. These are usually thought to be reversal patterns. If that is what this is, it will end up having been at least a year before proving out.
Even a bounce to the top line would be a good trade. I am going to think about slowly scaling in to hedge winter fuel costs at the least. The anti-hysteria (to the “Peak Oil!” craze) seems mature now.
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Well, it has gone on for a long while. At this point it is safest to just plan for a trip to the top line. I am considering it as a heating oil hedge. I have been a non-bull on oil since the peak oil hype, but it at some point it's got to bounce at least.
How big will that Megaphone get though. Waiting for lifting of Iran sanctions to be finalized before putting any more money into oil.