Crude Oil has been under continuous selling pressure for the past 7 months and this is the first buy signal I have had for it since it topped back in July 2008. The weekly chart is very close to a buy signal. If you look at the weekly chart of USO crude oil fund you will see that volume has shot through the roof which generally indicates a turning point. Also the MACD indicator is about to cross which will put this fund on a buy signal if things go well all of next week. The support trend line is trending up slightly and the down trend line is holding the price inside a small triangle. If the price breaks out and all my indicators are putting the odds in favor of a long trade, then we will be looking for a buy point on the weekly chart in the next few weeks. The weekly trading signals are good for intermediate and long term traders.
