Look at the weekly chart of OIL in link 1. As has been mentioned the last two price bars of November indicated a reversal was in store. While the reversal candle stick still has not technically been defeated the anticipated sell of has not occurred either. Link 2 shows OIL in the daily time frame where it is in a down trend from 58.33 with support at 55. If the down trend is broken 100 dollar a barrel oil here I come and away OIL and USO will go. So put a Buy to cover stop on OIL at 57.5 and look to buy a full position of USO on the open. There will be an Alert for the USO, but for OIL place a
Stop market buy to cover 50 shares of OIL @ 57.5.
Link 1:
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=oil
Link 2:
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=oil
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