Oil ETF USO charged higher on Thursday before staging an impressive 100% reversal of the gains. This put in a topping tail, which is a bearish chart setup signal. Then on Friday, oil bounced higher but but didn't take out Thursday's highs. That's called a retrace, inside bar move. As long as USO does not close above $12.92 on a daily closing basis, oil should be expected to sell off next week. Keep it on your radar.
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