by Gary S. Morrow | Jul 2, 2019 | Market Update
Heavy resistance(50/200D moving averages) has capped the last two weekly highs. USO held the 40W moving average at last week’s low, will it hold this week’s low? We are long USO in some managed accounts.
by Gary S. Morrow | May 31, 2019 | Chart of the Day, Charts
Crude($USO) is heading for its second straight weekly loss of over 6%, the two worst weeks of 2019. The USO will also finish out this week below the declining 40 week moving average, the first weekly close below this MAV since March 15th. Needless to say, overhead...
by Gary S. Morrow | May 23, 2019 | Chart of the Day, Charts
Crude is blowing out near term support this morning. The USO(United States Oil Fund) is off nearly 5% and is heading for its biggest single day loss of 2019. With loads of overhead supply now in place(all of the April/early May range) as well as a declining 200D...
by Gary S. Morrow | Mar 13, 2019 | Chart of the Day, Charts
The GSG(iShares S&P GSCI Commodity-Indexed Fund) has been consolidating in a narrow range for the last four weeks. The index held above very solid support during this phase. A fresh rally leg may be coming as the month long bull flag begins to give way. The GSG...
by Gary S. Morrow | Feb 27, 2019 | Chart of the Day, Charts
DBC(Invesco Commodity Tracking ETF) has been consolidating since its powerful Feb. 15 breakout. Layers of support in place. Setting up well for a continued rally. DBC is heavy energy: Heating Oil/Crude Oil/Gasoline/Light Crude=53% Weighting At time of publication we...
