MindsForge
Short

USO at 200DMA, observing resistance

AMEX:USO   UNITED STATES OIL FUND
106 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

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MindsForge
support for oil
MindsForge about USO 10 months ago
Nightstar
6 months ago
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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