United States Oil (USO) prices logged their lowest finish in two weeks

United States Oil (USO) prices logged their lowest finish in two weeks

United States Oil (USO) prices logged their lowest finish in two weeks

Benchmark U.S. oil prices logged their lowest finish in two weeks on Monday, weighed down by worries about energy demand and a stronger dollar. Prices, however, finished off the session’s worst levels. John Caruso, senior market strategist at RJO Futures, said the market may have seen “some seller exhaustion” ahead of the weekly supply data from the American Petroleum Institute on Tuesday and Energy Information Administration Wednesday. In other oil-related news, Reuters reported Monday afternoon that eastern Libyan military forces took control over the country’s largest oilfield from protesting state guards – a move that could lead to a resumption of oil production there. March West Texas Intermediate oil CLH9, +0.53% shed 31 cents, or 0.6%, to settle at $52.41 a barrel after trading as low as $51.23.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 11.81.

The projected lower bound is: 10.22.

The projected closing price is: 11.01.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 29 white candles and 20 black candles for a net of 9 white 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 29.1484. This is not an overbought or oversold reading. The last signal was a sell 5 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 48.83. 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 31 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 -110.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 2 period(s) ago.

Rex Takasugi – TD Profile

UNTD ST OIL FUND closed down -0.070 at 11.010. Volume was 25% below average (neutral) and Bollinger Bands were 65% narrower than normal.

Open High Low Close Volume___
10.840 11.060 10.770 11.010 23,566,948

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

Moving Averages: 10-period 50-period 200-period
Close: 11.28 10.72 13.24
Volatility: 30 48 39
Volume: 21,052,154 31,746,256 25,143,970

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 16.8% below its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on USO and have had this outlook for the last 23 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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