We’ve been watching USO for 3 months now and have been sharing our view on social media.
The United States Oil Fund caught our attention in mid-June when the ETF price bounced off its 131-week SMA support line. The ETF has been respecting the line since March of this year, and this was the fifth time the stock surrendered to it:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-20230619-automatka.png)
The following week in June recorded another instance where USO respected the 131-week SMA support line. Price decreased to kiss the support line, and bounced right back up:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-20230625-automatka.png)
July 4th was a Tuesday and the market was closed in observance of the U.S. Independence Day. Monday, the (shortened) trading day before, saw USO starting the week yet again above the weekly support line:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-ib-20230704-automatka.png)
July was the month where USO started to take off. On Friday morning, July 28th, the weekly chart was shaping to close another up week:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-ib-20230728-0854-automatka.png)
August was a consolidation month and September started with a bang:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-20230903-automatka.png)
USO started getting closer to its best respected weekly resistance lines, the 309-week EMA (body) and the 318-week EMA (wick), and they became a more concrete price area to watch.
Today, two weeks after, USO kept its uptrend and got even closer to the resistance lines:
![Click to Enlarge](https://automatka.trade/wp-content/uploads/2023/09/USO-1w-20230917-automatka.png)
USO sits at $81.29 while the 309-week EMA hovers above at $83.14 and the 318-week EMA backs up above at $84.64.
We’ll keep watching how next week shapes up.