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PostSubject: Oil Breakdown?   Sun Oct 19, 2008 4:18 pm

i was looking at USO and it looks like there is a classic head and shoulders pattern but when you use PPO to gauge the 30 and 100 MAs, it looks like it is getting ready to breakdown, what do you all think?

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PostSubject: Re: Oil Breakdown?   Sat Oct 25, 2008 7:46 pm

last month USO crossed below the 50SMA which is a pretty bearish indication

also earlier this month there was a triple moving average crossover on the 4, 9, and 18 SMAs which makes it extremely bearish..

USO however has been gapping down while in oversold territory so you can probably get a modest move up in the next couple of days
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