[ Jump to the 2024-08-10 update ]
After hitting resistance a month ago, the ETF is once again at support. The time that passes between these encounters is getting shorter and shorter because USO keeps bouncing between its moving average support and resistance bands, while the bands converge:
Will USO now break support or bounce back up towards resistance?
We’ll keep following the ETF.
Here’s the updated animated GIF:
2024-08-10 Update
The last week had USO plotting another candle, and it turns out that the ETF still respects its support and resistance bands; therefore, after touching the lower support band the candle pivoted its direction up towards resistance, once again:
The resistance band now sits at $81.28-82.51. Would USO make its way up to resistance?
For the animated GIF fans, here’s an updated image:
