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Saturday, August 05, 2017 10:33:55 AM
By Carl Swenlin | August 4, 2017
CRUDE OIL (USO)
IT Trend Model: BUY as of 8/1/2017
LT Trend Model: SELL as of 3/9/2017
USO has resolved a bearish rising wedge (blue lines) with an upside breakout. An IT Trend Model BUY signal followed on Tuesday when the 20EMA crossed up through the 50EMA. Price is now consolidating below a declining tops line. The PMO is somewhat overbought, but I think that another breakout will take place soon.
The declining tops line seen on the USO daily chart is shown in better perspective on this weekly chart. The weekly PMO is rising, but it is still below the signal line.
http://stockcharts.com/articles/decisionpoint/2017/08/dp-weekly-wrap-top.html
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