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Saturday, January 05, 2019 10:06:30 AM
By: Carl Swenlin | January 4, 2019
IT Trend Model: NEUTRAL as of 10/29/2018
LT Trend Model: SELL as of 11/23/2018
USO Daily Chart: The falling wedge resolved upward, as expected, and the daily PMO positive divergence allows for more rally.
USO Weekly Chart: Crude oil ($WTIC) bottomed on the support line drawn from the 2017 low at 42.50. The breakout on the daily chart above offers hope of a new rally, but the weekly PMO needs to bottom to keep that hope alive.
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