USO – 3 OHLC Month Chart

I charted United States Oil Fund LP (NYSE Arca:USO) at 9:48 am while USO was trading at $59.48. 

• USO is at the top end of its trading channel near its trend line of higher highs
• The 200 day moving average didn’t make the short duration of this chart, but is looming around $64 give or take
• Williams %R is still in overbought, but still showing momentum.

Opinion – The speculative bug has Wall Street running after oil again.  This ride can continue for a while still, even from current prices.  With steep trend lines USO can continue to hit new highs each day without breaking its trend line.  I’m holding off on buying in at this point on USO’s chart, but if it can dip or trade sideways for a few days while the lower side of the trading channel catches up I will consider it.  Same thought goes with the 10 day moving average.  I’d like to see USO move closer to its 10 day before I buy in again.