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

USO: Trading in an Up Trend Channel

USO continues its up trend in an uptrend channel. The US Oil ETF recently rebounded from the 61.8% Fibonacci Retracement level after showing a Bullish Kicker reversal candlestick. Current USO price at $11.66 is just above the 200D SMA of $11.65.

USO June 19-2016

  • Immediate resistance at $12.47
  • Immediate support at about $11.13 followed by $10.52
  • 20/40EMA, 20/50 SMA all trending up
  • Expect golden cross 50D/200D in next few trading days if USO stays above $11.13 support.

See previous USO chart and technical analysis here.