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Short-term, USO retraced 50-61.8% of the February-May advance with a decline back to the 13 area. Such a retracement can be part of a two-steps forward and one-step backward process (a.k.a. an uptrend). The indicator window shows RSI(10) becoming oversold for the second time this year. The February oversold reading coincided with a short-term bottom.
Short-term, USO retraced 50-61.8% of the February-May advance with a decline back to the 13 area. Such a retracement can be part of a two-steps forward and one-step backward process (a.k.a. an uptrend). The indicator window shows RSI(10) becoming oversold for the second time this year. The February oversold reading coincided with a short-term bottom.