Beware Of This Scary Pattern: $USO

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As the overall markets fall sharply today, the United States Oil Fund LP ( ETF ) (NYSEARCA:USO) which is a popular ETF that tracks the price of oil             has put an extremely bearish pattern in place.

Today, the United States Oil Fund LP ( ETF ) (NYSEARCA:USO) gapped down below a major trend line , triggering a Head and Shoulders top around the $36.92 level. This ETF is now trading around $36.40, down close to 1.50% for the day as the sell off intensifies.

The United States Oil Fund LP ( ETF ) (NYSEARCA:USO) will have some support at the 200 day moving average at $36.13 but the only ultimate target will be $34.40.

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