Today, the United States Oil Fund (NYSEARCA:USO) rebounded higher after a sharp sell off from May 2, 2012. At that time in May, the USO was trading around the $40.00 level. This afternoon, the USO is trading higher by 0.30 cents to $31.73 a share. The daily chart of the USO will usually trade inverse to the U.S. Dollar Index. This afternoon, the U.S. Dollar Index futures (DX-M2) are trading lower by 0.29 cents helping to inflate oil higher. The daily chart of the USO remains very weak and in a downtrend, however, the USO is short-term oversold. Often, equities could see some minor bounces from oversold conditions before moving lower, which could be happening today in the USO. Short-term traders can watch for intra-day resistance on the USO around the $31.80 area.
Some leading energy stocks also caught a small bid higher today as the U.S. Dollar Index pulled back. Leading energy stocks such as Chevron Corp (NYSE:CVX), ConocoPhillips (NYSE:COP), and Suncor Energy Inc (NYSE:SU) are all trading slightly positive. All of these stocks remain in a confirmed downtrend by trading below the important daily chart 50, and 200 day moving averages, however, these stocks are all oversold in the short-term.
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Oil Bounce Lacks Conviction
Published 06/05/2012, 04:32 AM
Updated 07/09/2023, 06:31 AM
Oil Bounce Lacks Conviction
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