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Weekly Wrap - Crude Oil (USO) »» Daily, Weekly Charts
By: Carl Swenlin | July 5, 2019

CRUDE OIL (USO)

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

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

USO Daily Chart: Strange looking chart with price bouncing around between the gaps. You'll notice that the island reversal cluster contains a double bottom, and price fulfilled the double bottom projection based upon last week's high.



USO Weekly Chart: The trading range on WTIC is 42 to 76, and I think that 42 is more likely than 76.



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