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.

About Nicholas Santiago 576 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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