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Saturday, June 24, 2017 12:39:23 PM
By Carl Swenlin | June 24, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Crude dropped down another notch this week. We need to check the weekly chart to get a better idea of possible support.
The weekly chart of $WTIC shows the next likely support to be at 39.00, making my best guestimate for comparable USO support to be at about 7.50. Beyond that, the 2016 $WTIC low of 25.00 in 2016 is certainly a possibility we should consider, which would put USO well below the 7.50 support level. . .
http://stockcharts.com/articles/decisionpoint/2017/06/decisionpoint-weekly-wrap----troubling-negative-divergences.html
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