APosner

$USO approaching multiple points of resistance 06-09-2014

AMEX:USO   UNITED STATES OIL FUND
USO is rallying in a rising wedge that will eventually setup its selloff. In the short term it is reaching the highs of ~10 days ago and near a rising line of resistance as well as a horizontal line of price resistance. A little more rally may occur but it should be capped under these lines wherein a short term selloff will follow. The stochastic is setup for a selloff now.
Good analysis but I disagree with your conclusion. It looks like that the oil sector will move higher. Look at the Oct to Dec Stochastic last year. In this case could be the same but on the other side (strong bull market)
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