The United States Oil Fund etf (USO) found good support at the 200 day moving average (red line) reinforced by several bullish candles and now sits at minor resistance at $40. A push above that would lead us to initiate a Bucket 2 trade with target near the 50 dma (yellow line).
After consolidating for several weeks now, Oil is up and rising again…and this time could try to break higher and above resistance. Looking at the oil futures (light sweet) contract itself, resistance is at $107. While volume leaves someting left to be desired on this most recent up-move since mid March, it does look healthy […]