Wednesday, June 26, 2019 12:11:32 PM
Oil surged higher in trading today after inventories showed a surprise drop. Continued tensions with Iran have added to geopolitical risk as well, pushing the price of the commodity higher. While the news seems bullish, near-term tops are made in this manner. Oil tagged four factors of resistance today. First, oil hit the daily 50 moving average on the $USO. Second, the USO tagged the daily 200 moving average. Third, oil tagged a major gap window on the USO chart and fourth, oil has a daily time count. This gets the top pro traders to inch into shorts here at the $60/bbl level or $12.43 on the USO. They are looking for a swing trade short (quick drop in price).
Gareth Soloway
InTheMoneyStocks
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