Wednesday, October 28, 2015 1:27:46 PM
CRUDE OIL (USO): As of 7/6/2015 United States Oil Fund (USO) is on an Intermediate-Term Trend Model SELL signal. The Long-Term Trend Model, which informs our long-term outlook, is on a SELL signal as of 8/28/2014, so our long-term posture is bearish.
USO gapped lower and in the process broke down out of the horizontal trading channel. The only possible 'saving grace' is that Oil prices didn't breakdown which could mean a bounce back up to the top of the trading channel. The bearish configuration of the EMAs and PMO tell us not expect much of a bounce if at all.
USO gapped lower and in the process broke down out of the horizontal trading channel. The only possible 'saving grace' is that Oil prices didn't breakdown which could mean a bounce back up to the top of the trading channel. The bearish configuration of the EMAs and PMO tell us not expect much of a bounce if at all.
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