Our Smart Scan Chart Analysis for the crude oil ETF....USO, is showing some near term rallying power. However, this market remains in the confines of a longer term downtrend that should be traded 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 Above 5 Hour Moving Average
+15......New 3 Day High on Friday
-20......Last Price Below 20 Day Moving Average
-25......New 3 Week Low, Week Ending August 28th
-30......New 3 Month Low in May
-75......Total Score
Here is a preview of our MarketClub Trade Triangle Chart Analysis and Smart Scan technology
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