Crude(USO)moved into new 52 week high territory today with the help of a 1.5% gain on above average trade. This breakout type move drove the Index past heavy resistance near the $13.30 area. It sure looks headed higher:
Here’s a longer term view of the WTIC(Light Crude Oil Spot Price). WTIC is at its highest level in 40 months, up 144% from its closing low in Feb 2016:
At time of publication we are long USO in some managed accounts.
Hat tip Charlie Bilello