Trend Trading: crude oil update

The United States Crude Oil ETF (USO), is Bullish or Long. The ETF is trading in excess of a 15% annualized rate of growth over a 200 day moving average. The ETF closed the Week down 5.82%. Mild deterioration in recent trading is indicated by a negative short term MACD. The long term MACD is positive. Price support is just below at $39.90, as shown on the stock chart below. We’ll see if the ETF is at a top, at least temporarily, or if it has more room to run.

United States Oil ETF (USO)

Published by Trendanomics

Trend trading analysis of the markets with simple trend trading strategies.

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