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Weekly Wrap CRUDE OIL (USO) »» Daily, Weekly Charts
By: Carl Swenlin | February 8, 2019

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

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

USO Daily Chart: The rising flag is a weak structure, and we expect it to break down. In fact, this week it broke down for the second time this month. The daily PMO has topped, so more of a correction may be expected.



USO Weekly Chart: I still think that the chart pattern over the last several months looks like a bullish reverse head and shoulders; however, the weekly PMO looks as if it may top below the signal line, which would be very negative.



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