Crude Oil Bear Flagging Above Support

With the gap down today in $USO back to yesterday’s lows the bulls are now pinned against a major prior support level with declining moving averages sharply headed lower just above price.

We hold no position at this time, but we’re watching the development here at this inflection point to see if support continues to hold, or if the bears are going to continue their October trend lower.

$USO is down roughly -15% over the past two weeks.