United States Oil Fund Rallies With The Rest Of The Market

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

United States Oil Fund LP USO shares are trading higher by $0.67 at $16.63 in Thursday's session. The ETF appears to be caught up in the buying mania instigated by Federal Reserve Bank earlier today. Earlier in the session, it made a new low for down move eclipsing the former low made on Monday ($15.90), reaching $15.61 before sharply reversing course. The ensuing rally has taken the ETF to $16.70 so are in today's session. That level coincides with its March 13 close ($16.80). If the rally continues, the is no identifiable resistance until its March 13 high ($17.17). The yearly for the issue stands at $20.35. Also, it has lost over half its value since peaking at $39.44 in June 2014.