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Weekly Wrap CRUDE OIL (USO) »» Daily & Weekly Charts
By: Carl Swenlin | January 25, 2019

IT Trend Model: NEUTRAL as of 10/29/2018

LT Trend Model: SELL as of 11/23/2018

USO Daily Chart: A rising flag has formed, which I expect to resolve downward. A move back toward 10.50 would be constructive, and then a rally resumption would give us a pretty tidy reverse head and shoulders with an upside target of about 13.50.



USO Weekly Chart: Crude ($WTIC) has run into resistance at $50, but it may be forming the right shoulder of a potential reverse head and shoulders pattern. The weekly PMO has bottomed, which is positive.



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