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United States Oil Fund

USO @ critical juncture

By jamespwu
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.
Trend Analysis

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