Don't Ignore This Chart!

USO Breaks Out

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Today, USO broke out above overhead resistance from the bullish ascending triangle. This move confirms the PMO BUY signal that was generated two days ago when the PMO crossed above its 10-EMA. 


This breakout came on high volume which is positive. The next area of resistance would be at the horizontal resistance line drawn across the September 2013 high around 39.50. Currently the 20/50/200-EMAs are bullishly configured. The 20-EMA crossed above the 50-EMA back in early Feburary which generated a DecisionPoint Trend Model intermediate-term BUY signal. This was followed by a 50-EMA positive crossover the 200-EMA which then generated a DecisionPoint Trend Model long-term BUY signal. Now we are seeing a clean positive PMO crossover. 

Happy Charting!
Erin

Erin Swenlin
About the author: is a co-founder of the DecisionPoint.com website along with her father, Carl Swenlin. She launched the DecisionPoint daily blog in 2009 alongside Carl and now serves as a consulting technical analyst and blog contributor at StockCharts.com. Erin is an active Member of the CMT Association. She holds a Master's degree in Information Resource Management from the Air Force Institute of Technology as well as a Bachelor's degree in Mathematics from the University of Southern California. Learn More
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