USO Moves 5%, Oil Stocks head North

Blain Reinkensmeyer
Posted on Tue 30th Jan, 2007 04:33:14 PM

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.

Share this post:
  • TwitThis
  • StumbleUpon
  • Yahoo! Buzz
  • Digg
  • del.icio.us
  • Google Bookmarks
  • Facebook
  • MySpace
  • Live
  • Technorati
More on this topic (What's this?)
USO
Who's Buying Oil Today? The Answer May Surprise You
Read more on United States Oil Fund, Oil at Wikinvest

2 Responses

  1. This was a great site. I needed to find something for my Homework and This site helped me out so much! Thanx alot!!!!

Other Websites Referencing This Post

  1. Oil Bullishness Continues | Stock Trading 101

Leave a Reply

Create a Gravatar for your comments