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Sunday, June 30, 2019 10:00:47 AM
By: Carl Swenlin | June 28, 2019
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 5/30/2019
LT Trend Model: SELL as of 6/4/2019
USO Daily Chart: In its move up USO has produced gaps that more or less correspond to the gaps it made coming down. The daily PMO allows for higher prices, but I think the April top is probably the upside limit, unless news becomes more threatening.
USO Weekly Chart: The USO weekly PMO allows for a move higher, and the three-year range for crude implies a potential upside of $76.
USO Monthly Chart: The monthly PMO is about neutral, and it offers no encouragement to bulls.
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