The look and feel to oil is starting to become problematic.
Listen, I won’t touch this thing as a short setup. I just won’t. I’ve tried a few times a long the way, when things started to get queasy with the rally, and each time, the outcome wasn’t so hot.
But that doesn’t keep me from talking about it. And everything I am seeing with the chart on USO signals bearishness. But the one trump card that keeps beating up the shorts, is the fact that there are still more people who want to buy oil and not sell it.
Will oil finally stall out and end this epic rally of sorts? I don’t know, but you should still be watching the chart for any clues as to what it might do next, and ultimately what the market might do next.
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