USO is bullish again

After a downtrend in the second half of December, USO- the US Oil Fund – returned to a consolidation zone that we show in the chart.

What has changed in the last sessions is that USO has moved above its 50- day exponential moving average, while its 10- and 20- day exponential moving averages are already trending up.

So, the bullish momentum that started at the end of December, and it’s obvious in MACD, may resume its uptrend after USO has moved above the upper limit of the consolidation phase and close to the upper Bollinger Band.

USO’s Relative Strength is also trending slowly up and above its 20- day exponential moving average, for about a month.