How Verified Investing’s view on $USO changed

Next, we have American oil. As I mentioned, both the 10-year bond interest rate and US oil fell today, but we are seeing US oil rise again, returning to a phase of consolidation.

Now we have 29 minutes left until closing. If we close during this period , the candles, we are still in the accumulation phase, guys. We saw a significant drop for two days, but it quickly returned to an upward accumulation phase, very similar to what happened here.

Next up into US oil. You can see US oil, as I described, continued pushing higher today. Only two days of consolidation. Now, we saw this occur back further on the chart in September 2nd when price action initially broke above this neckline of an inverse head and shoulders pattern that has a targeted measured move up here at $116.

Uh but right now, oil says it doesn't really want to pause or pull back even though, look at this. We're overbought. We're past the 70 threshold on the daily time frame for US oil.

So, we're due for some sort of technical pullback that very well could come right up here at the next resistance 108.26 near-term support down here at $9319. I've moved that up ever so slightly because of today's continued advance on US oil.