United States Oil Fund (USO): Crude Oil Likely Topping As It Tags Majo...

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Tuesday, 04/02/2019 12:06:04 PM

Tuesday, April 02, 2019 12:06:04 PM

Crude Oil Likely Topping As It Tags Major Resistance/Retrace Level $USO

Spot crude oil continued its upward swing today, hitting a high of nearly $62.50/bbl. Pro traders have finally stepped up and started to short the commodity based on the daily 200 moving average being tagged and a cross of the 50% Fibonacci retrace from the highs in September 2018 to the lows of December 2018. The weekly chart shows a classic bear formation as well. Expectations are for a near-term pull back on spot crude oil to $55/bbl.

Gareth Soloway
InTheMoneyStocks

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