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Crude Oil (USO) - Daily & Weekly Charts
By: Carl Swenlin, Erin Swenlin | November 26, 2021

• CRUDE OIL (USO)

IT Trend Model: BUY as of 9/3/2021

LT Trend Model: BUY as of 3/9/2021

USO Daily Chart: Crude Oil crashed, dropping more than 11% to foray below the 200-EMA. Price managed to close above it, but important support at the July highs was obliterated. The PMO sharply turned lower and the RSI plunged into negative territory. Stochastics are topping below net neutral (50).



There is tenuous support at the May tops and July low. Strongest support lies below $44.



USO/$WTIC Weekly Chart: $WTIC is now testing long-term support at the 2019 highs. The weekly PMO had a negative crossover in overbought territory and the weekly RSI has hit negative territory. The last time we saw these conditions, it resulted in a reversal. Given supply and demand issues, we aren't overly bearish on Crude Oil.



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