Weekly Wrap - Crude Oil (USO) »» Daily, Weekly Charts By: Carl Swenlin | July 26, 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: A double top broke down and filled the June up gap. Currently, price seems indecisive and the daily PMO is neutral.
USO Weekly Chart: Both USO and WTIC are being squeezed into a corkscrew. When those formations are resolved, I expect that the current trading ranges will still dominate price movement.