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Oil Stocks (PBR, SLB, PSX) And ETF (USO) Outlook
By Marubozu  •  October 11, 2012
Commentary:

The price of oil plays a key role in many industries, and has the potential to impact stock prices. Yet not all oil sector stocks are directly related to the price of oil, and often have their own technical outlooks and opportunities, independent of what the price of oil is doing. Looking first at the price of oil, as represented by an exchange traded fund (ETF), we will then look at three major oil stocks from varying industries relating to the oil sector.

 

 
United States Oil (ARCA:USO)
 
 

The United States Oil (ARCA:USO) stock rose in July and August, but stalled and pulled back in mid-September. Resistance is at $35 and support at is $32.50 – the price range the ETF has been in since September 19. A breakout of that range indicates the short-term direction of the ETF. A rally ...

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By Marubozu
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