TylerM

Interesting action in Oil

BATS:USO   UNITED STATES OIL FUND
291 6 1
The move below the trendline most likely triggered a ton of stops. I wouldn't be surprised if we see it go higher after all the weak hands have been forced out.
It is not the same as crude oil, but it is the most popular oil ETF, because it offers exposure to front month WTI futures.
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New lows usually take out stops and also "range expansions" bring on a lot of momentum traders. I doubt many people are looking at your trendline as USO isn't the same as crude oil.
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TylerM timwest
That's true that USO is not the same as crude oil, but it tracks it very closely. I do not look at futures so I substitute with this. However, after looking at other charts compared to this one it appears that spike down is a misprint. Compare to stockcharts.com http://stockcharts.com/h-sc/ui?s=USO&p=D&b=5&g=0&id=p11946796828
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The inaccurate data is frustrating, I agree. Bad data can lead to bad decisions and we trust the data is accurate. I pulled up a chart of another oil product and saw there was no large down-move that reversed but failed to come back to your chart to comment.

I had one such situation in gold last fall when there was a bad price in gold (GLD) and it changed the whole look of the trade and I exited my position based on the data, only later to find out the data was incorrect and wished I had stayed in the trade. As for USO not being the same as crude, I merely meant to say that it is unlikely that many people were looking at the trendline (to comment on your "Assuming people were using this same trendline." in your chart). Here's hoping we can all help each other point out great trading setups.
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TylerM timwest
Yes, it is frustrating. Trust but Verify.

Interesting that yesterday low has been revised if you reload the USO chart today. Thanks for your input on this Tim. This site really is more beneficial when people interact. Even a Thumps up vs. Down is good to see rather than just seeing that an Idea has been viewed multiple times.
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Agreed.
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