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
