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Saturday, September 21, 2019 9:16:12 AM
By: Carl Swenlin | September 20, 2019
* (Click Read Full Story »»» at the bottom of the page for the charts to appear on the post)
CRUDE OIL (USO)
IT Trend Model: BUY as of 9/16/2019
LT Trend Model: SELL as of 6/4/2019
USO Daily Chart: The Iran drone attack on Saudi oil fields on Saturday, caused USO to rally +15% on Monday, but by Wednesday it was back down in the range defined by the July top. Before this happened, I was thinking that USO would drift to the bottom of the range, but now it might drift somewhat higher.
USO Weekly Chart: The triangle patterns we have been watching have resolved upward, but I don't think this is a precursor a major rally. I'm seeing resistance for WTIC at about 65.
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