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 https://mystocksinvesting.com
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.
See previous post on United States Oil Fund (USO) here.