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Weekly Wrap Crude Oil (USO) »» Daily & Weekly Charts
By: Carl Swenlin | June 7, 2019

IT Trend Model: NEUTRAL as of 5/30/2019

LT Trend Model: SELL as of 6/4/2019

USO Daily Chart: On Tuesday the USO 50EMA crossed down through the 200EMA causing the LT Trend Model to change from BUY to SELL.



USO Weekly Chart: In spite of a deep dive this week, USO managed to close up; however, the weekly PMO crossed down through the signal line. Notice that WTIC is in the lower half of its trading range, and a decline to about $42 is not out of the question.



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