USO Moves 5%, Oil Stocks head North

Posted by Blain Reinkensmeyer on Tuesday January 30, 2007

USO2.png

The original bullishness in the United States Oil Fund (USO) has paid off, and after bottoming out around $43, the fund has moved strongly to the upside. USO was up some 5.3% today after oil overall had a nice afternoon. Shares of Exxon Mobil (XOM) were up close about 1.5%, and the Oil Tracking Fund (OIH) also had a nice day today closing up close to 3%.

The chart above shows USO in what may be a short term channel moving upwards. With today’s move it look as if $49 is the next resistance area to note. I will continue to keep an eye on the fund and see how it does the rest of this week.

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Pingback by Oil Bullishness Continues | Stock Trading 101
2007-02-23 10:03:01
[…] bullishness on Oil is no new trend, check out my post on USO when it was back in the mid $40s. And, after taking a few weeks to base out, the Oil sector is […]
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Comment by Miss
2007-03-04 10:34:23
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