Friday, January 7, 2011

USO Neutral

The USO I have a Neutral bias with no pattern to make a trade. There seems to be some support at 37.52. The 50 avg is little support because it had been touched once before in Nov. so usually the 2nd time around the odds for a bounce is much less then the 1st touch. The blue trend line is the one I am watching should we break it to the down side then look for oil to test 34.5 then 32.25

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