Sending an S.O.S. for the United States Oil Fund
This morning, crude oil is tumbling lower again to start the trading day. Crude oil can be followed and traded by using the United States Oil Fund LP (ETF) (NYSEARCA:USO). Today, the United States Oil Fund is trading lower by 0.51 cents to $34.91 a share. It should be noted that the USO has plunged lower over the past 18 trading sessions. The important ETF is now trading below its daily chart 50, and 200-day moving averages. Swing traders should now look for near term daily chart support around the $34.00 level. This is where the USO broke out earlier in 2014. Often, prior break-out levels will be solid chart support when retested. This is a spot where traders should look for a short term bounce in the USO.