United States Oil (USO) fell last week while gasoline inventories decreased

United States Oil (USO) fell last week while gasoline inventories decreased

United States Oil (USO) fell last week while gasoline inventories decreased

U.S. crude stocks fell last week while gasoline inventories decreased and distillate stocks built, data from industry group the American Petroleum Institute showed on Tuesday.

Crude inventories fell by 3.5 million barrels in the week to August 16 to 439.8 million, compared with analysts’ expectations for a decrease of 1.9 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 2.8 million barrels.

Refinery crude runs rose by 117,000 barrels per day, API data showed.

Gasoline stocks fell by 403,000 barrels, compared with analysts’ expectations in a Reuters poll for a 169,000-barrel gain.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 12.42.

The projected lower bound is: 10.86.

The projected closing price is: 11.64.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 25 white candles and 23 black candles for a net of 2 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 52.9780. This is not an overbought or oversold reading. The last signal was a sell 3 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 51.09. 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 buy 47 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 98. This is not a topping or bottoming area. The last signal was a buy 7 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 buy 5 period(s) ago.

Rex Takasugi – TD Profile

UNTD ST OIL FUND closed down -0.030 at 11.630. Volume was 12% below average (neutral) and Bollinger Bands were 27% narrower than normal.

Open     High      Low     Close     Volume___
11.590 11.744 11.470 11.630 24,653,982
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 11.38 11.67 11.79
Volatility: 45 43 42
Volume: 32,317,138 29,951,610 28,420,214

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 1.4% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 14 periods.

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