We’ve received requests recently to post some charts on USO. We actually closed out our position in USO this morning, but nonetheless, let’s go over the charts with everyone. Here’s the daily chart:
With all the talk of oil and its rapid increase in price. Let’s explore the technical side of it by dissecting the USO chart – and ETF that’s value is tied to the price of oil. Here is our first chart of oil in which we are drawing a trend line for from January 2007
May 8, 2008 Trends are often what we look for when finding a stock to trade in. For those who depend on technical analysis solely for their trading decisions, it is their life-blood. Knowing where big money is putting there money in, is often found by spotting the trend early and riding it to maturity.