Oil ETF - USO Chart - May 30, 2008
For the first time in my weekly charting series I’ve decided to chart one of the major Oil ETFs, United States Oil Fund LP (AMEX: USO). Clearly I should’ve done this earlier and possibly could have made some good trades on it. I think everyone is aware of the rise in oil prices. The questions that remain are how much is it going to affect our economy and when will it ease. (I’m using “USO” and “oil” interchangeably in this article - Note that the price of oil is not equal to the price of USO, but does mirror the movement and USO is easy to trade for those of us who don’t directly trade commodities.)
The best trend line going that we (those who want oil to fall) can hope for is the line of higher lows. Eventually all stocks and ETFs return to this line and test support. USO is […]
Original post by Alex Fotopoulos