USO Catches A Bid
United States Oil Fund(NYSE:USO) is trading higher this morning by 0.40 cents. The highly popular USO found good daily chart support around the $35.50 area. The USO has bounced from that daily chart support level. This morning short term scalp traders should watch the $36.50 level as some minor intra-day resistance. The next intra-day resistance area for the USO will be around the $36.75 level.
Most leading energy stocks are trading slightly lower. Stocks such as Exxon Mobil Corp.(NYSE:XOM), and ConocoPhillips(NYSE:COP) are two of the major integrated energy stocks that are under some slight selling pressure this morning. It is important to note that these two leading energy stocks have lead the markets higher recently and still remain very strong on the daily charts.