Oil Might Have Topped In May (USO)

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May 27, 2018 7:55am NYSE:USO

oil prices

From Chris Kimble: The following chart looks at Crude Oil on a monthly basis over the past 15 years.

Crude experienced a large decline (75%+) from the highs in 2011 to the lows in 2016. We applied Fibonacci to this key highs and lows at each (1) above.

The rally from the lows in 2016 has Crude Oil testing the 50% retracement level of the large 5-year decline at each (2).

Joe Friday Just The Facts– Crude Oil could be creating a bearish reversal pattern this month at (2).

If Crude is topping at the 50% level, it could impact the overall commodities sector and the stock market as well.

The United States Oil Fund LP ETF (USO) closed at $13.68 on Friday, down $-0.61 (-4.27%). Year-to-date, USO has gained 13.91%, versus a 1.98% 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.

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