Thursday, May 13, 2010

The United States Oil Fund (USO)- Lowest Close In 12 Weeks


Today  the United States Oil Fund ( USO) posted its lowest close in the past 12 weeks. Notice on the last move down how volume increased, then decreased on the small bounce and is now increasing once again as the market moves down. Volume is clearly telling us that oil wants to go lower. I've been bearish on crude oil since April 19th based purely on technical patterns. My downside target for the United States Oil Fund is a test of the February low..

2 comments:

Anonymous said...

I remember when you posted that and I want you to know that I started shorting USO on that post. I covered literally today when crude hit 71. I dont mean to jynx you but you calls this year have been unreal. You should start charging for this site because your info has been utterly invaluable to me and hopefully to many of the others that read your posts. Thx again for being the kind, generous teacher that I have known for all these years!

-CP

Kevin said...

Thanks

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