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Crude Oil (USO) - Weekly Wrap »» Daily-Weekly Charts
By: Carl Swenlin | September 20, 2019

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CRUDE OIL (USO)

IT Trend Model: BUY as of 9/16/2019

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

USO Daily Chart: The Iran drone attack on Saudi oil fields on Saturday, caused USO to rally +15% on Monday, but by Wednesday it was back down in the range defined by the July top. Before this happened, I was thinking that USO would drift to the bottom of the range, but now it might drift somewhat higher.



USO Weekly Chart: The triangle patterns we have been watching have resolved upward, but I don't think this is a precursor a major rally. I'm seeing resistance for WTIC at about 65.



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