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Sunday, June 18, 2017 9:15:38 AM
By Carl Swenlin | June 17, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Another bad week for crude as USO dropped down to levels not seen since August of last year.
On the weekly chart we can see that the one-year support level is being challenged, and $WTIC will have to decline farther in order to reach a corresponding level of support. (To clarify, USO reflects the contract rollover drag that results from maintaining a portfolio of futures contracts, so it will lag a chart of raw contract prices.) The weekly PMO still looks dismal, and it is possible that USO will be challenging long-term support at 7.50. . .
http://stockcharts.com/articles/decisionpoint/2017/06/decisionpoint-weekly-wrap----market-continues-to-churn.html
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