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Weekly Wrap Crude Oil (USO) »» Daily, Weekly

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DiscoverGold   Saturday, 06/01/19 09:30:51 AM
Re: DiscoverGold post# 4233
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Weekly Wrap Crude Oil (USO) »» Daily, Weekly & Monthly Charts
By: Carl Swenlin | May 31, 2019

IT Trend Model: NEUTRAL as of 5/30/2019

LT Trend Model: BUY as of 4/17/2019

USO Daily Chart: On Thursday the USO 20EMA dropped below the 50EMA, causing the IT Trend Model to change from BUY to NEUTRAL. USO has declined about -18% from the April top, and the most obvious support is at the December low, which is the equivalent to about $42/bbl for crude.



USO Weekly Chart: USO has hit an area of support, but I think it is still likely to fall toward the support at 8.50. The weekly PMO has topped and adds weight to my downside expectations.



USO Monthly Chart: This is a good example of how the PMO responds to price movement. USO took a dive in 2015, and the PMO became very oversold. USO has been moving sideways for over three years, and during that time the PMO has moved back to the zero line, indicating no internal pressure to move either way. I expect it to remain within the trading range for some time.



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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
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