themarketzone

Triple bottom or the way to a new low?

AMEX:USO   UNITED STATES OIL FUND
16$ Is critical support.
A close above 18-19$ could mean a buy signal.
Volume still shows sellers pressure
quite unlikely, the futures price arn't printing a triple bottom here.
Its simply contango where the following month's future contract is more expensive than the last, and the fund behind USO have to pay more to acquire it. This causes USO to lose value over time.


snapshot
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Agree..
I think it is heading down.. but as long as 16$ stands it could create some bounce
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