United States Oil (USO) API reportedly showed a stockpile increases of 567,000 barrels

United States Oil (USO) API reportedly showed a stockpile increases of 567,000 barrels

United States Oil (USO) API reportedly showed a stockpile increases of 567,000 barrels

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 8.6 million barrels for the week ended May 10, according to sources. The API also reportedly showed a stockpile increases of 567,000 barrels in gasoline and 2.2 million barrels in distillates.

Price Futures Group expected the API data to show a decline of 3 million barrels in crude supplies, according to analyst Daniel Flynn. It had also forecast stockpiles decreases of 2 million barrels each for gasoline and distillates. Inventory data from the Energy Information Administration will be released Wednesday. June West Texas Intermediate crude CLM9, -0.68% was at $61.36 a barrel in electronic trading, down from the $61.78 settlement on the New York Mercantile Exchange.

Overall, the bias in prices is: Upwards.

The projected upper bound is: 13.40.

The projected lower bound is: 12.38.

The projected closing price is: 12.89.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 23 white candles and 25 black candles for a net of 2 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 30.8720. This is not an overbought or oversold reading. The last signal was a sell 13 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 47.70. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 13 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -44. This is not a topping or bottoming area. The last signal was a buy 4 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 13 period(s) ago.

Rex Takasugi – TD Profile

UNTD ST OIL FUND closed up 0.190 at 12.870. Volume was 12% below average (neutral) and Bollinger Bands were 5% narrower than normal.

Open High Low Close Volume___
12.840 12.945 12.810 12.870 20,288,164

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 12.88 12.78 12.76
Volatility: 30 25 37
Volume: 28,240,132 21,788,136 25,077,940

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

UNTD ST OIL FUND is currently 0.9% above its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of USO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on USO and have had this outlook for the last 7 periods.

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