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Sunday, April 23, 2017 10:01:08 AM
By Carl Swenlin | April 22, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Last week's high fell short of the short-term declining tops line, and this week USO went into full retreat mode. There is horizontal support drawn across the March lows, but I have little confidence that it will stop the decline.
The weekly PMO has topped below its signal line, which is a particularly ominous sign. There is potential support around 9.00 at the bottom of the one-year trading range, but it is possible that the 2016 low around 7.80 could be tested.
http://stockcharts.com/articles/decisionpoint/2017/04/decisionpoint-weekly-wrap-4212017.html
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