Saturday, December 6, 2008

United States Oil (USO)...





Note that USO is at a .500 node (top spreadsheet chart and the "x" axis label value that's most recent) and also at a crossover (bottom chart). Further the "C" wave of the up move preceding this chart also has a 1.00 node on Monday the 9th of December (on a chart that is not shown). Unless fundamentals firmly say otherwise, USO should bottom in the next couple of trading days...

On the top spreadsheet chart, notice the .250 node was a minor bottom...

Note that the Bigcharts hourly chart is showing that a MACD crossover appears close, and positive divergence is present on Stochastics. This seems to confirm the proximity of a bottom...

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