Here's the USO daily resting on some support at 26 or so. It's beginning to look like a nice place to begin a small accumulation.
As long as the price remains strong on what looks like a pullback, I'm fairly happy, especially with the low volume. It does not look like the shares that exchanged hands several months ago are frightened by the retrace nor excited by the possibility of further decline.
If we get sustained support at 26 with strong consolidation, I'm bullish. A drop below 26 to somewhere between 22-24 would make me bullish as well. I'm actually thinking about purchasing a handful of shares right around its current price, just to get a feel for its movements, building up a small position as things unfold.
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