Where is crude oil and the crude oil ETF, USO headed? Our Smart Scan Chart Analysis is showing some near term rallying power. However, this market remains in the confines of a longer-term downtrend Downtrend with tight money management stops. Based on a pre-defined weighted trend formula for chart analysis, USO scored -75 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
-10.....Last Hour Close Below 5 hour Moving Average
-15.....New 3 Day Low on Tuesday
-20.....Last Price Below 20 Day Moving Average
+25.....New 3 Week High, Week Ending June 26th
-30.....New 3 Month Low in May
-75.....Total Score
Just click here for your FREE trend analysis of crude oil ETF USO
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