jamespwu

USO @ critical juncture

AMEX:USO   United States Oil Fund
USO, retested uptrend line and failed big on Friday. Now, it is at its recent bottom around 13. If it does not hold here, there is a chance for a gap fill. USO has not rebounded well since the increased production announcement from Middle East and Russia. Some of the energy names are falling. SLB for example has a huge head and shoulders. It is a pattern to watch. Recent head and shoulders has not worked that well in the market.
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