United States Oil Fund LP (ETF) (NYSEARCA:USO) Trading Outlook
UNTD ST OIL FUND closed up 0.740 at 15.740. Volume was 99% below average (consolidating) and Bollinger Bands were 53% narrower than normal.
Open High Low Close Volume___
15.110 15.750 15.080 15.740 288,445
Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
The current market condition for UNTD ST OIL FUND is:
Bearish
The close is currently Below it’s 200 period moving average.
The close is currently Below it’s 90 period moving average.
The close is currently Above it’s 30 period moving average.
Moving Averages: 10-period 50-period 200-period
Close: 14.75 14.64 17.79
Volatility: 41 59 53
Volume: 22,917,824 29,556,170 27,391,044
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
Summary
UNTD ST OIL FUND is currently 11.5% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of USO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on USO and have had this outlook for the last 24 periods.
HEFFX Candlesticks
A big white candle occurred.
This is generally considered bullish, as prices closed significantly higher than they opened.
If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support.
Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
HEFFX Momentum
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
Stochastic Oscillator
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 81.8182. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 23 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 60.72. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 27 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 199.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 21 period(s) ago.
MACD
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 1 period(s) ago.
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