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Sunday, May 07, 2017 11:13:08 AM
By Carl Swenlin | May 7, 2017
...Bad Week for Gold and Crude
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Crude oil continued its dive from the April top, losing almost 10% this week.
On the weekly chart USO has reached the bottom of the one-year trading channel, but $WTIC, which represents futures contracts, remains near the center of a similar trading range. Continued weakness in $WTIC could drive USO down to test the low set in 2016. The current weekly PMO configuration (PMO topping below the signal line) is very negative. . .
http://stockcharts.com/articles/decisionpoint/2017/05/decisionpoint-weekly-wrap----bad-week-for-gold-and-crude.html
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