Oil is weird. There is a glut of supply and declining demand and yet it continues to rise. Now that should be proof that the value of Oil (and other commodities) has nothing to do with supply and demand – its all about speculation. So is it going to continue to rise, or is it ready to fall? My latest chart, of the USO, is:
Oil about me
Now this tells me that we right at 2 primary resistance levels (a fib and a major trend line). If the USO can break through then its upto $50, if not then its down to $25.
