USO ready to move higher again?

USO ready to move higher again?


July 2021


Alex Cole

USO, The United States Oil Fund, saw a heavy correction in the middle of July.
This was not however, enough to push the GoNoGo Trend into a "NoGo".  We saw a few amber "Go Fish" bars, before a return to "Go" colors.  During that correction though, we did see the GoNoGo Oscillator drop below the zero line which was a concern. Now, having been riding the zero line from below for several bars, we see the oscillator rise off that level into positive territory which is a confirmatory signal for price action.