Smart Scan Chart Analysis is showing some near term weakness in crude oil ETF, USO. However, this market remains in the confines of a longer term Uptrend. Trade with tight money management stops.
Based on a pre-defined weighted trend formula for chart analysis, USO scored +70 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
+10.....Last Hour Close Above 5 Hour Moving Average
+15.....New 3 Day High on Thursday
+20.....Last Price Above 20 Day Moving Average
+25.....New 3 Week High, Week Ending July 24th
-30.....New 3 Month Low in May
Here is a preview of our MarketClub Trade Triangle Chart Analysis and Smart Scan technology