Oil price has been rising steadily and there is no sign that the price is going to come down anytime soon.
Lets look at United States Oil (USO) a investment fund that seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.
The closing price on 21 May 08 was 108.31. For 2008 alone, the price has gone up from 75.76 to 108.31, an increase of 43%.
The phase chart is in “Bullish” phase. In fact the price level has not touched the 200 day moving average since Aug 07.
The price is now about 45% above its 200 day moving average of 74.51. There is a high chance of a pullback from current high levels. But the trend is clearly up.
Lets look at United States Oil (USO) a investment fund that seeks to reflect the performance, less expenses, of the spot price of West Texas Intermediate (WTI) light, sweet crude oil.
The closing price on 21 May 08 was 108.31. For 2008 alone, the price has gone up from 75.76 to 108.31, an increase of 43%.
The phase chart is in “Bullish” phase. In fact the price level has not touched the 200 day moving average since Aug 07.
The price is now about 45% above its 200 day moving average of 74.51. There is a high chance of a pullback from current high levels. But the trend is clearly up.
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