The US Oil Fund (USO) appears poised for a significant breakout to the upside.
In 2024, there's a noticeable resurgence in the prices of products and commodities, yet this uptrend hasn't exerted substantial pressure on the major indexes of the USA markets.
In addition to the upward momentum of USO, there's news circulating that the current US administration will refrain from refilling reserves due to soaring oil prices. The admin might be making a mistake, they might have to purchase potentially at significantly elevated prices compared to the current rates later on.
The last time USO experienced a technical breakout, the SPY index reacted with a pullback. Presently, we're on the cusp of another potential breakout to the upside, while prices in the SPY index have exhibited signs of stalling.
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