HOT TOPICS LIST
- MACD
- Fibonacci
- RSI
- Gann
- ADXR
- Stochastics
- Volume
- Triangles
- Futures
- Cycles
- Volatility
- ZIGZAG
- MESA
- Retracement
- Aroon
INDICATORS LIST
LIST OF TOPICS
PRINT THIS ARTICLE
by James Kupfer
Shares in USO have formed a trend channel, but may be due for a small pullback.
Position: Sell
James Kupfer
Mr. Kupfer is a market professional and amateur stock market commentator. Disclosure: It is likely that Mr. Kupfer has or will enter a position in any security he writes about.
PRINT THIS ARTICLE
LIN. REGTREND
The Oil Pipeline
03/25/09 08:34:17 AMby James Kupfer
Shares in USO have formed a trend channel, but may be due for a small pullback.
Position: Sell
| USO, the Oil Fund exchange traded fund, appears to have finally put in an intermediate-term bottom. Over recent weeks, shares of USO have formed a trend channel as shown in Figure 1. As can be seen, on six occasions USO has hit either the upper or lower boundary points. This confirms that the channel shown is indeed valid. |
|
| FIGURE 1: USO ETF, DAILY. USO is in an established uptrend within the linear regression channel. |
| Graphic provided by: Wealth-lab. |
| |
| While USO is in a definite uptrend, note that stochastics are overbought and appear ready to turn down. The turn in stochastics helped identify the previous three tops, and there is no reason to think they won't again. |
| Depending on the trade time horizon, we could either enter a short here hoping for a brief move down, or close any long positions and then reestablish them once USO gets back to the bottom of the channel. |
Mr. Kupfer is a market professional and amateur stock market commentator. Disclosure: It is likely that Mr. Kupfer has or will enter a position in any security he writes about.
Click here for more information about our publications!
Comments
Date: 03/26/09Rank: 5Comment:
|
Request Information From Our Sponsors
- StockCharts.com, Inc.
- Candle Patterns
- Candlestick Charting Explained
- Intermarket Technical Analysis
- John Murphy on Chart Analysis
- John Murphy's Chart Pattern Recognition
- John Murphy's Market Message
- MurphyExplainsMarketAnalysis-Intermarket Analysis
- MurphyExplainsMarketAnalysis-Visual Analysis
- StockCharts.com
- Technical Analysis of the Financial Markets
- The Visual Investor
- VectorVest, Inc.
- Executive Premier Workshop
- One-Day Options Course
- OptionsPro
- Retirement Income Workshop
- Sure-Fire Trading Systems (VectorVest, Inc.)
- Trading as a Business Workshop
- VectorVest 7 EOD
- VectorVest 7 RealTime/IntraDay
- VectorVest AutoTester
- VectorVest Educational Services
- VectorVest OnLine
- VectorVest Options Analyzer
- VectorVest ProGraphics v6.0
- VectorVest ProTrader 7
- VectorVest RealTime Derby Tool
- VectorVest Simulator
- VectorVest Variator
- VectorVest Watchdog