Oil Into Key Support: Near Term Low Likely

The United States Oil Fund LP (NYSEARCA:USO) dropped sharply again today after oil inventories showed a bigger build than expected. With this fall, oil is now into major support and likely ready to bounce. In addition, there is major negative sentiment on oil with analysts calling for sharply lower prices. This tells us that the opposite view is likely the next move. Note the key support chart on the United States Oil Fund below.


Gareth Soloway
InTheMoneyStocks