USO Moves 5%, Oil Stocks head North
Posted on Tue 30th Jan, 2007 04:33:14 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.
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