This morning, crude oil is tumbling lower again to start the trading day. Crude oil can be followed and traded by using the United States Oil Fund LP (ETF) (NYSEARCA:USO). Today, the United States Oil Fund is trading lower by 0.51 cents to $34.91 a share. It should be noted that the USO has plunged lower over the past 18 trading sessions. The important ETF is now trading below its daily chart 50, and 200-day moving averages. Swing traders should now look for near term daily chart support around the $34.00 level. This is where the USO broke out earlier in 2014. Often, prior break-out levels will be solid chart support when retested. This is a spot where traders should look for a short term bounce in the USO.
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Nick SantiagoChief Market Strategist
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