CRInvestor

USO 15m analysis - hurry up and chop

BATS:USO   UNITED STATES OIL FUND
93 0 0
Trading oil             over the past two weeks has been an exercise in frustration. While Geo             political tension ebb and flow, price has basically gone nowhere. We ended August in the low 38.00 area and have basically oscillated around that level since. While we did finish the week with a 15m 'BoT' long setup confirmed and working, I am not holding out a lot of optimism for the trade going forward. Yes, I think our 'move stop to trail' level ought to get hit (suggesting we ought to walk away from this long trade with some profits) but I am not holding my breath for a whole heck of a lot after that. My hunch here is we do another 'stop run' to take out weak shorts above 39.00 then roll back over - lets see what happens....
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