After a breakout and big surge towards the August highs, the USO Oil Fund (USO) took a breather with a pullback over the last few weeks. The falling zigzag in October looks like a falling flag, which is a bullish continuation pattern. The surge from 32.5 to 36.5 forms the pole and a break above 36 would be bullish.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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