Sending An S.O.S. For USO
Nicholas Santiago | Aug 18, 2014 01:01PM ET
Crude Oil tumbled lower again to start the trading day. Crude oil can be followed and traded via the United States Oil Fund (NYSE:USO), which 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 level, which is where 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.
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