Commodity Spotlight: United States Oil Fund $USO: At Multiple Resistance Level ~38.35

The United States Oil Fund ($USO) is currently hitting an area representing multiples points of resistance, including:

• 61.8% Fibonacci Retracement of the June-July decline
• Underside of the broken post-January up trendline
• 50-Day simple moving average

This area should provide a challenge for $USO. If it is able break and hold above the area for a few days, it will buy $USO more room to the upside and cast doubt that July was THE intermediate-term top for $USO.