USO to drop to previous support level
Since the dollar is likely to pump over the next week or so, USO will inversely follow. There hasn't been much oil news recently and USO has reacted far more strongly to DXY than anything else I've seen. Where oil goes after this move is dependent on the news of the time. Additionally, Trump is pretty determined to keep WTI below 70/bbl, and every time I have inversed trump I have gotten wrecked.
Note
Also, it's worth mentioning that a solid drop in the manner described above would represent a total breakout of the year's bull trend.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.