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Sunday, April 30, 2017 12:26:11 PM
By Carl Swenlin | April 29, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
The PMO crossed down through its signal line this week, generating a SELL signal, but price seems to be starting a bounce off the rising bottoms line.
The weekly PMO is negative, and price is in a basing pattern that may last for years due to an abundance of oil.
I'm using $WTIC for the monthly chart to enhance our long-term perspective. Major support is at about 33.00; although, 2016 saw a brief drop below that level, . The monthly PMO is currently rising, though decelerating, but the weekly chart above hints that the recent crude oil rally is about done.
http://stockcharts.com/articles/decisionpoint/2017/04/decisionpoint-weeklymonthly-wrap.html
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