USO appears to be trading in a Rectangle Top.
This pattern is neutral until a trendline is broken with a confirmed trend in that direction.
Possible targets for a break to the upside in white over price. Possible targets to the downside in orange type below price.
No recommendation
The investment seeks the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of a specified short-term futures contract on light, sweet crude oil called the “Benchmark Oil Futures Contract,” plus interest earned on USO’s collateral holdings, less USO’s expenses. USO invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels. Benchmark: WTI Light Sweet Crude Oil PR USD
This pattern is neutral until a trendline is broken with a confirmed trend in that direction.
Possible targets for a break to the upside in white over price. Possible targets to the downside in orange type below price.
No recommendation
The investment seeks the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the daily changes in the price of a specified short-term futures contract on light, sweet crude oil called the “Benchmark Oil Futures Contract,” plus interest earned on USO’s collateral holdings, less USO’s expenses. USO invests primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels. Benchmark: WTI Light Sweet Crude Oil PR USD
Comentarios:
I should not call it a "top" because if price breaks up, it would not be a top (o: OIL has gone a long way from the bottom in the past year. I suppose It will eventually top out.