{"id":4148,"date":"2023-09-15T10:30:01","date_gmt":"2023-09-15T10:30:01","guid":{"rendered":"https:\/\/blog.trive.com\/?p=4148"},"modified":"2023-09-15T10:30:01","modified_gmt":"2023-09-15T10:30:01","slug":"uso-optimists-persevere","status":"publish","type":"post","link":"https:\/\/blog.trive.com\/es\/comercio\/uso-optimists-persevere\/","title":{"rendered":"USO Optimists Persevere"},"content":{"rendered":"

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst<\/em> <\/p>\n\n\n\n

The United States Oil Fund (USO) ETF (ISIN: US91232N2071) has emerged as a beacon of resilience amidst contrasting signals in the inflation landscape. August’s inflation data brought forth a dual narrative: a 3.7% uptick, surpassing projections by ten basis points, indicating the tenacity of high prices; yet, core inflation, excluding volatile food and energy prices, held at an anticipated 4.3%, a dip from the prior month’s 4.7%.  <\/p>\n\n\n\n

This dynamic prompted the market to factor in a 97% likelihood of the Federal Reserve maintaining its 5.5% rate in the forthcoming meeting, providing a modest lift to risk assets. Notably, the USO, offering exposure to the pivotal global commodity of oil, has sustained its positive trajectory for three consecutive weeks.  <\/p>\n\n\n\n

Bolstered by supply-side constraints from Saudi Arabia and Russia’s output cut extensions to the end of the year, it nears peaks last seen in June 2022, even in the face of a surprising 3.954 million crude oil inventory build this week. <\/p>\n\n\n\n

T\u00e9cnicos<\/strong> <\/p>\n\n\n\n

The USO ETF exhibits a robust uptrend, propelled above the 100-day moving average and confined within an ascending channel pattern. A recent support at $70.43 marked a crucial turning point before the renewed surge in upward momentum.  <\/p>\n\n\n\n

As it approaches a resistance at the June 2022 high of $86.40, caution is likely for bullish traders, given the diminishing upside volumes, proximity to the channel’s upper limit, and overbought RSI conditions.  <\/p>\n\n\n\n

Should a reversal occur, the channel’s lower boundary may act as a formidable defence against downward pressure, while $70.43 could serve as a potential retreat point if supply surpasses demand. On the other hand, breaching the $86.40 level, aligned with the 61.80% Fibonacci Extension Golden Ratio, might signal sustained upward momentum, drawing interest from bullish traders.  <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Resumen<\/strong> <\/p>\n\n\n\n

The USO ETF stands resilient amid a nuanced economic landscape. With August’s inflation figures presenting a mixed picture, the market anticipates a steady Federal Reserve rate. The ETF’s commendable performance, bolstered by supply-side adjustments, nears peaks not seen since June 2022. Next week’s Fed Interest Rate Decision holds the key to determining the trajectory of the ETF.  <\/p>\n\n\n\n

Fuentes: CME, Reuters, TradingView <\/p>","protected":false},"excerpt":{"rendered":"

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst  The United States Oil Fund (USO) ETF (ISIN: US91232N2071) has emerged as a beacon of resilience amidst contrasting signals in the inflation landscape. 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