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United States Oil Fund, LP fund downgraded from Strong Buy Candidate to Buy Candidate after Monday trading session.

StockInvest.us, 2 months ago


No changes to the price of United States Oil Fund, LP fund on the last trading day (Monday, 7th Mar 2022). During the day the fund fluctuated 0% from a day low at $79.46 to a day high of $79.46. The price has risen in 7 of the last 10 days and is up by 22.74% over the past 2 weeks.

The fund lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $79.83 will firstly indicate a stronger rate of rising.Given the current short-term trend, the fund is expected to rise 38.89% during the next 3 months and, with a 90% probability hold a price between $94.46 and $110.88 at the end of this 3-month period.

United States Oil Fund, LP

The United States Oil Fund, LP fund holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $73.42 and $65.24. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, March 04, 2022, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.

On the downside, the fund finds support just below today's level from accumulated volume at $75.42 and $74.53.There is natural risk involved when a fund is testing a support level, since if this is broken, the fund then may fall to the next support level. In this case, United States Oil Fund, LP finds support just below today's level at $75.42. If this is broken, then the next support from accumulated volume will be at $74.53 and $66.34.

In general the fund tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the fund During the last day, the fund moved $0 between high and low, or 0%. For the last week the fund has had a daily average volatility of 3.61%

The United States Oil Fund, LP fund is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some funds may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the fund manages to break the trend before that occurs.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for United States Oil Fund, LP fund to perform well in the short-term.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this fund since the last evaluation from a Strong Buy to a Buy candidate.

Check full United States Oil Fund, LP forecast and analysis here.