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Oil Bottoms: Great Chart Setup On The United States Oil Fund

|Includes: The United States Oil ETF, LP (USO)

United States Oil Fund LP (NYSEARCA:USO) opened lower and continued to flush down. Spot crude oil has fallen off a cliff recently on global demand worries. However, today it appears oil has put in a near term bottom. Why? The United States Oil Fund LP hit a double bottom (as seen on the chart below) as well as a bottoming tail. Both things signal a bottom in the near term and upside is likely.

Gareth Soloway