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::: CRUDE OIL DecisionPoint Weekly Wrap :::
By Carl Swenlin | March 31, 2017

The DecisionPoint Weekly Wrap presents an end-of-week assessment of the trend and condition of the stock market (S&P 500), the U.S. Dollar, Gold, Crude Oil, and Bonds. We have a happy coincidence with Friday also being the end of the month, so we can wrap the week and the month in this commentary.

CRUDE OIL (USO): As of 3/8/2017 United States Oil Fund (USO) is on an Intermediate-Term Trend Model Neutral signal. The Long-Term Trend Model, which informs our long-term outlook, is on a SELL signal as of 3/9/2017, so our long-term posture is bearish.

On the daily chart crude oil remains within a narrowing trading range, and a new PMO BUY signal indicates that the current rally from this month's low will most likely continue to the top of the range.



The weekly chart shows the basing pattern, now about one year old.



The monthly PMO is rising, but it is a function of the flat prices for the last year. If sideways price movement continues, the PMO will migrate all the way back to the zero line.



http://stockcharts.com/articles/decisionpoint/2017/03/decisionpoint-weekly-wrap-33117.html

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