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USO 15m still correcting

BATS:USO   UNITED STATES OIL FUND
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The correction in USO forecast over the weekend playing itself out. Those able to handle the risk, were given a nice 3 bar bearish reversal to establish shorts around $38.25 at about 7:15 AM pst today. The 'trail to stop' level was hit (66% of the anticipated move) so those who took the trade were most probably stopped out at a nice little profit shortly thereafter. Short term targets remain near the 200sma or about $37.85.
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