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.
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