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Bryan_Ali
Jan 4, 2017 7:15 AM

USO Breakout Rejected at Resistance Trend Line- Indicators Bleak Short

United States Oil FundArca

Description

Price briefly pierced resistance, although, this was promptly rejected during the US regular session hours. Concerning indicators, the RSI uptrend appears to be broken to the downside- same with the ROC uptrend. Concurrently, the MACD just turned negative. My short-term price targets are $10.90 and then $10.50.

Comment

The price has fought back more than I thought it would.. I think a retest of resistance is now in store.
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