Weakness in oil continues to weigh on the Oil & Gas Equip & Services SPDR (XES) as the ETF broke flag support. The chart below shows XES hitting resistance at the 50% retracement and breaking flag support over the last three days. This signals a continuation of the prior decline and targets a move to the next support zone in the 40 area. The lower window shows the USO Oil Fund (USO) falling over 7% the last seven days. Ouch!
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