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USO Moves 5%, Oil Stocks head North

Posted by Blain Reinkensmeyer
January 30, 2007 at 4:33 pm

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.

2 Responses to "USO Moves 5%, Oil Stocks head North" »

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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