[ Jump to the 2023-10-08 update ]
Two weeks ago we wrote about how United States Oil Fund (USO) was on its way towards its resistance lines.
USO made it last week. It kissed the 309-week EMA line and retracted:
Hitting this resistance area could mark the end of the move up we’ve been witnessing since June 2023, and trigger a reversal in price action.
However, an alternative and possible pattern is for the price to hold and consolidate just below resistance, before resuming up through this ceiling.
June of 2022 saw United States Oil Fund’s price reverse on meeting the 309-week EMA (body) and the 318-week EMA (wick) lines. Here we go again. How will the September-October 2023 encounter end up? We are ready to watch.
2023-10-08 Update
That was fast. USO provided its answer to the question the very next week:
