MindsForge
Short

USO at 200DMA, observing resistance

AMEX:USO   UNITED STATES OIL FUND
116 1 2
Definitely bearish feelings here, $DXY             has found support the past week and along with the small recent USD rally we find $USO has run up against the 200DMA.

The 10DMA (drawn in blue) has provided support in the past, so waiting for a break down there would be wise IMHO, although I suspect we're about to roll out the red carpet soon.

The previous oil             chart I did calling for a short bounce lasted longer than I suspected, as $DXY             has been weak since the beginning of the year and has just started to find something that resembles strength.

Thanks for reading, good luck to all
Careful, USO is also forming a bullish flag/triangle and will very likely push through the 200MA. This move would also coincide with Crude moving up to $50 and possibly more depending on momentum, and then hopefully a nice move down into a DCL.
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