USO closes within previous day's range after lackluster session

United States Oil Fund (USO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


USO still stuck within tight trading range
USO closes within previous day's range after lackluster session


USO ended Thursday at 4.81 losing $0.27 (-5.31%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (USO as at Mar 26, 2020):

Daily technical analysis candlestick chart for United States Oil Fund (USO) as at Mar 26, 2020

Thursday's trading range has been $0.32 (6.53%), that's below the last trading month's daily average range of $0.51. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for USO. Prices continued to consolidate within a tight trading range between 4.53 and 5.37 where it has been caught now for the whole last trading week.

Prices are trading close to the key technical resistance level at 5.16 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might accelerate should prices move above the nearby swing high at 5.16 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 4.53 where further sell stops could get triggered.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for USO. Out of 663 times, USO closed higher 52.64% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after five trading days, showing a win rate of 53.70% with an average market move of 0.02%.

Market Conditions for USO as at Mar 26, 2020

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