This downtrend in oil is really amazing. 

It also goes to show just how deep the sell-off has been, where we have seen in the past week rallies of 12% and 8% among other days to the upside, and still, USO hasn’t put together enough momentum to push through the downtrend. 

To say the least, for the market to truly get bullish, and where you can have more than just a few positions in play, USO is going to need to push through this downtrend and break higher. Until then, it leaves this current rally in doubt.

 

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