Crude Oil took another big hit on Tuesday as it continued the downhill slide that began in the beginning of October 2018. The United States Oil ETF (NYSE:USO) topped out at $16.25 at the start of October but now trades below $12.00. That represents a more-than 25% collapse in a month.
Tuesday looked to be capitulation with panic setting in. Which means oil is likely putting in a bottom for a bounce. The technical chart confirms this, showing major support at $11.85 and $11.70. I expect a big bounce back to $13.00 on the USO.
United States Oil