USO breaks below Thursday's low


United States Oil Fund (USO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

USO breaks below Thursday's low

Overview

USO finished the week 14.2% higher at 25.57 after losing $1.03 (-3.87%) today ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 25.88, the ETF confirmed its breakout through the prior session low after trading up to $0.82 below it intraday.

Daily Candlestick Chart (USO as at May 22, 2020):

Daily technical analysis candlestick chart for United States Oil Fund (USO) as at May 22, 2020

Friday's trading range has been $1.09 (4.18%), that's slightly above the last trading month's daily average range of $1.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for USO.

Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 21.37. The last time this happened on January 6th, USO lost -0.23% on the following trading day.

Though the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Buying might speed up should prices move above the nearby swing high at 27.49 where further buy stops could get activated.


Market Conditions for USO as at May 22, 2020

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USO pushes through Thursday's high

May 29, 2020
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