Oil Stocks Surprise Sends USO To 7-Week Highs

Prosper Trading’s Commodity ETF expert, Patrick Assalone, provides his acute insight on what he is seeing in the USO ETF.  The United States Oil Fund® LP (USO) is an exchange-traded security designed to track the daily price movements of West Texas Intermediate (“WTI”) light, sweet crude oil.  USO issues shares that may be purchased and sold on the NYSE Arca.

This first chart is a MarketProfile (MP) chart of the USO etf. USO still in defined UPTREND, and our BIAS is LONG.

This second chart indicates where our entry was today.  Here is today’s signal:

LONG 500 SHARES @ 13.08

TRAILING STOP  @ 12.22.

THIS IS A BUY AND HOLD.

WE WILL LOOK TO ADD ON ONLY AFTER NEW DAILY HIGHS