I wanted to highlight an interesting yet critical support zone for the US Oil Fund (USO) and – in turn – Crude Oil (similar chart). If broken, odds will shift to favor further downside, but until then, let’s look at a critical confluence price area to watch going forward.
There have been two interesting patterns in the recent chart both in crude oil and in the US Oil Fund (exchange traded fund), including a “Bear Trap” and today’s “Stop Pop” and price breakout. Let’s take a look.
I wanted to highlight the possibility for a trend reversal or at least low-risk opportunity in the US Oil Fund (USO), or at a minimum, show a large-scale structure potentially playing itself out. USO Daily: Before reading, keep in mind that there’s no guarantee this pattern will produce the expected result, but it’s worth a…
Earlier, I showed the structure of the CRB Commodity Index and noted we might be experiencing a positive reversal, but let’s look now specifically at the US Oil Fund (USO) and $WTIC Crude Oil (Index). USO United States Oil Fund: We see an almost identical structure in the CRB Commodity Index. Price is in a…
Don’t let this development pass your analysis by! Today, the US Oil Fund ETF experienced a volume surge of 37 million shares on a potential doji reversal candle at possible support. Let’s see this development both on the daily and the 30-minute chart. USO – US Oil Fund Daily The day closed on a doji…