CRUDE OIL DecisionPoint Weekly/Monthly Wrap By Carl Swenlin | April 29, 2017
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
The PMO crossed down through its signal line this week, generating a SELL signal, but price seems to be starting a bounce off the rising bottoms line.
The weekly PMO is negative, and price is in a basing pattern that may last for years due to an abundance of oil.
I'm using $WTIC for the monthly chart to enhance our long-term perspective. Major support is at about 33.00; although, 2016 saw a brief drop below that level, . The monthly PMO is currently rising, though decelerating, but the weekly chart above hints that the recent crude oil rally is about done.
:) CRUDE OIL DecisionPoint Weekly Wrap By Carl Swenlin | May 7, 2017
...Bad Week for Gold and Crude
CRUDE OIL (USO)
IT Trend Model: NEUTRAL as of 3/8/2017
LT Trend Model: SELL as of 3/9/2017
Crude oil continued its dive from the April top, losing almost 10% this week.
On the weekly chart USO has reached the bottom of the one-year trading channel, but $WTIC, which represents futures contracts, remains near the center of a similar trading range. Continued weakness in $WTIC could drive USO down to test the low set in 2016. The current weekly PMO configuration (PMO topping below the signal line) is very negative. . .
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