Crude & USO Plunge

09/09/2008 12:00 am EST


Thomas Aspray

, Professional Trader & Analyst

Another rough day for crude and even an OPEC meeting and hurricane could not stem the selling. USO is close to the 50% retracement level at $81, with further support at $77-78 and Fib support at $72. Getting very oversold, making a bounce likely over the next few weeks. Resistance strong at $90.

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