The United States Oil Fund LP (NYSE:USO) is trading into major support today as the markets flushed early. This master level was a gap fill from May 25th, 2010 at a price of $31.85. Note the chart below. As Existing Home Sales dropped over 27%, fear of a drop in future demand for oil soared knocking oil sharply lower. This gap fill level is a huge area of support and should be looked at as a possible short term bounce area. Oil has already inched off that level and started to make its way back higher. To get swing trades, guidance and education on the markets, join the Research Center.
Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
