Bottoming in Crude ($USO)?
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When I went to fill up at the pump this weekend I was shocked, gas popped up $0.30 a gallon! So the increase in Crude Oil is having a direct impact in the price at the pump.
The oil ETF (NYSE: USO) has had a significant breakout in the last two sessions. The short-term weighs quite bullish for Crude, especially since $USO was able to finish the day above the 20-day moving average. The last time I saw that was in September. That event was the short lived and right around the time the slide in crude began.
While I am bullish on Crude’s breakout, I want to be clear that this is a short-term signal as there is work to be done before Crude would be considered in recovery mode.
As always, have a great trading day!
Check out the video below for a full recap of this outlook:
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