InTheMoney Stocks

Oil Does Not Have As Much Downside As Experts Think $USO

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After the Iranian nuclear deal, analysts were all talking about how oil             was headed much lower in the short term. Oil             barely opened down today and is hovering at $33.74, -0.30 (-0.88%) on the United States Oil Fund LP (NYSEARCA:USO). While the lack of a major drop in oil             was surprising to analysis and Wall Street traders, this was no surprise to me. Everyone knew a deal was coming over a month ago and oil             has fallen almost non-stop because of it. Essentially, oil             had already factored in the Iranian nuclear deal. In addition, oil             is more a factor of global economic growth than one country putting out an extra 1 million barrels a day of oil             . As economic growth starts to uptick in the coming months, oil             should find footing.

I have a master level on the USO which is my buy price at $32.25. There should be a solid swing trade bounce at this before the longer term down trend continues.

Gareth Soloway
Chief Market Strategist
Good analysis which i agree with. The rebound for a swing trade might start before the $32.25 price but the long term trend is still down going by the fundamentals.
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