As posted here yesterday, the USO ETF was on the verge of a break higher out of an upward channel. While the acceleration of the price of oil from here is very much in the hands of current geopolitical events playing out, I will take some profits should we hit $42 on the USO and reevaluate the situation with a clearer mind. For now however note the violent move higher in the price of Oil over the past three weeks.
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