How Much Higher Can Oil Climb? (USO)

Share This Article
May 16, 2018 6:38am NYSE:USO

us oil

Technical analyst Chris Kimble examines crude oil’s chart and sees potential for another 10% upside.

This chart looks at Crude Oil on a monthly basis over the past decade.

We applied Fibonacci retracement levels to the highs in 2011 and the lows in 2016 at each (1).

The rally of late has Crude attempting to break out above the 50% retracement level (which is the halfway point)  of the 2011 highs and the 2016 lows at (2).

If Crude succeeds to break above the halfway point, the next Fibonacci retracement level comes into play at the $80 level at (3), which is over 10% above current prices.

The United States Oil Fund LP ETF (USO) was unchanged in premarket trading Wednesday. Year-to-date, USO has gained 19.90%, versus a 1.59% rise in the benchmark S&P 500 index during the same period.

USO currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #35 of 114 ETFs in the Commodity ETFs category.

This article is brought to you courtesy of Kimble Charting Solutions.

Read Next

Get Free Updates

Join over 50,000 investors who get the latest news from!

Most Popular

From Our Partners

Explore More from

Free Daily Newsletter

Get daily ETF insights from our market experts. Never miss another important market development again! respects your privacy.

Best ETFs

We've rated and ranked nearly 2,000 ETFs and ETNs using our proprietary SMART Grade system.

View Top Rated ETFs

Best Categories

We've ranked dozens of ETF categories based on relative performance.

Best ETF Categories