[ Jump to the 2024-06-15 update ]
We’ve been following USO for a year now, and during that time we’ve published quite a few posts and updates.
It is amazing to see, time and again, how USO keeps respecting its moving average support and resistance lines.
The ETF bounces between the floor and ceiling, which the MA lines define, since the beginning of 2022.
In the last weekly trading session, USO did it again: It hit support and bounced off it:
Since October 2022 the moving average support and resistance lines converge. If price keeps zigzagging within that narrowing tunnel, they will meet. With that price squeeze, USO might be getting closer to breaking out.
2024-06-15 Update
Another week, another session into the narrowing, squeezing tunnel, ending right in the middle between the converging ceiling and floor:
Beautiful. USO is “following the script”…
Can’t wait for next week’s episode.
Let’s update the GIF, this is addictive:
