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Sunday, May 28, 2017 9:33:42 AM
By Carl Swenlin | May 27, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
On Thursday, in a one-day drop of over -5%, USO broke down through a short-term rising trend line on news that OPEC decided not to deepen their current production cut. Note the series of lower tops on the one-year chart below. Also note the number of large one-day drops preceding this week's, which was the third in three months.
Last week I thought it possible that price would move to the top of the trading range, but that looks less likely now that the weekly PMO has topped again. . .
http://stockcharts.com/articles/decisionpoint/2017/05/decisionpoint-weekly-wrap-5-26-17.html
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