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Oil Alert: 4 Factor Resistance Tagged

By InTheMoneyStocks.com (Nicholas Santiago)CommoditiesJun 26, 2019 01:42PM ET
www.investing.com/analysis/oil-alert-4-factor-resistance-tagged-200434980
Oil Alert: 4 Factor Resistance Tagged
By InTheMoneyStocks.com (Nicholas Santiago)   |  Jun 26, 2019 01:42PM ET
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-1.24%
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Oil surged higher after inventories showed a surprise drop. Continued tensions with Iran have added to geopolitical risk as well, pushing the price of the commodity higher. While the news seems bullish, near-term tops are made in this manner. Oil tagged four factors of resistance Wednesday. First, oil hit the daily 50 moving average on the USO. Second, the USO tagged the daily 200 moving average. Third, oil hit a major gap window on the USO chart and fourth, oil has a daily time count. This gets the top pro traders to inch into shorts here at the $60/bbl level or $12.43 on the USO. They are looking for a swing trade short (quick drop in price).

United States Oil
United States Oil

Oil Alert: 4 Factor Resistance Tagged
 

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Oil Alert: 4 Factor Resistance Tagged

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Comments (1)
Hank Williams
Hank Williams Jun 26, 2019 3:21PM ET
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Except that positive news from OPEC meeting will send WTI to $65. Negative news from OPEC will create a pull back and coupled with a failed trade agreement will put the stock indece and oil back into alignment. But we failed to mention gasoline shortages in the northeast. Oh well.
 
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