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Friday, April 14, 2017 3:47:58 PM
By Carl Swenlin | April 14, 2017
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.
USO has stalled just below a short-term declining tops line. The 20EMA is close to crossing up through the 50EMA, which would generate an IT Trend Model BUY signal. There have been five ITTM whipsaw signal changes in less than 10 months, because price is in a trading range. I would not take a new BUY signal too seriously.
On the weekly chart we can see the major collapse from the 2014 top. USO is now in a basing pattern that could last for years.
http://stockcharts.com/articles/decisionpoint/2017/04/decisionpoint-weekly-wrap-4132017.html
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