USO technicals showed a triangular consolidation which lead to positive continuation on the daily chart which is resulting in a continued reversal on the weekly chart from the previous downtrend. Trump helped oil by withdrawing from the Iran deal so this catalyst coupled with the technical charting should provide a fairly strong up trend.
USO broke out of the triangle upwards, revisited the average, and is now pushing upward in a strong manner leading to a close outside the daily band resulting in increased volatility.
USO broke out of the triangle upwards, revisited the average, and is now pushing upward in a strong manner leading to a close outside the daily band resulting in increased volatility.