United States Oil Fund (USO): Short Term Rebound from Support

United States Oil Fund (USO) rebounded from the $9.50 support.

The medium trend is down as USO has formed a “Lower High, Lower Low” down trend channel (in green). Long term trend USO is trading side way between $9.50 to $12.00.

USO has to stay above $10.00 for successful short term rebound. If $10.00 become the resistance and $9.50 support is broken, more downside expected for USO.

 

Original post from http://mystocksinvesting.com

 

USO: Testing Critical Support

USO is currently testing a critical Resistance turned Support at about $10.30. This level is also the last defence of 38.2% Fibonacci Retracement Level. Breaking this support indicates the recent uptrend has over. USO is currently trading below 20D, 50D and 200D SMA.

USO July23-2016

See previous post on United States Oil Fund (USO) here.

Crude Oil Brent July24-2016 Crude Oil WTI July24-2016