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#USOIL - Nearing Target - #oil #usd

AMEX:USO   UNITED STATES OIL FUND
103 2 1
#USOIL - Nearing Target - #oil #usd

As we continue to follow this chart, we thought it worthy to comment on a few structural points here, namely the overcoming of major support areas that were established in the 34.50 to 35.00 range.

At this point, any rallying should take into consideration the probable capping of such adverse excursion against that range (support-turned resistance concept).

David Alcindor
4xQuad
David Alcindor, CMT Affiliate #227974
Alias: 4xForecaster (Twitter, LinkedIn, StockTwits)

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techanalysis2151
3 years ago
The recent RSI dip into oversold does concern me though. I'd give it a couple of days. Perhaps its a sign of a strengthening downtrend. I could see price flirting wit that support (possible resistance) line for a little while though.
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