After surging and breaking resistance in July, the US Oil Fund (USO) pulled back with a falling flag the last few weeks. USO made its first move with a surge over the last two days. A follow through breakout above flag resistance would signal a continuation higher. Chartists can also watch MACD for an upturn in momentum.
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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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