The USO (which stands for United States Oil) is an ETF that tracks the crude oil price very closely. The recent upward surge in the price of oil has therefore lifted this closely-followed ETF as well. The big question is whether or not we are going to continue to see the oil price move even higher in the coming weeks and months.

Well to give us an insight into just how far the oil price could go, Marketclub’s Adam Hewison has focused specifically on the USO, and using a combination of fibonacci analysis and Marketclub’s own trade triangle technology, he believes that there is a strong likelihood of further price gains.

To see just how far this ETF could go from it’s current level of 32.56, I suggest you check out this short trading video where Adam shares his analysis in more detail:

Video: Analysis Of The USO Crude Oil ETF

 

 

Filed under: Commodities

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