Major Support Nearing On Crude Oil: Swing Trade Bounce Expected $USO

Stock market and commodity investors should be watching the $45.00 level on spot crude oil for major support. Oil is in free fall, but will likely find technical support for a bounce there. The reason the $45.00 level is key is because it is a pivot low from earlier this year. Crude bounce strongly off that level, breaking out and moving to its 52 week highs around $55. Therefore, logic dictates that this level will be support. Please note, this is only a swing trade bounce play with upside back to $47.50. Once that level is achieved, I will be looking to dump.

Commodity crude oil technical chart support for investors


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