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Saturday, August 31, 2019 9:30:28 AM
By: Carl Swenlin | August 30, 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 spite of regular daily moves of around three percent in both directions, USO has settled into a fairly narrow range. I also notice that crude has not been affected by negative news from the Mid-East. This is probably because the U.S. has become such a dominant source of supply.
USO Weekly Chart: Currently, I am looking for crude to maintain a range of between 42 and 76. I would not be surprised to eventually more narrow than that.
USO Weekly Chart: We can see that USO has entered a long-term period of low volatility.
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