The U.S. Oil Fund LP (NYSE:USO) closed basically flat this past week. The USO is very close to breaking out if its long sideways base that it has been in since June 2009. Every time the USO has reached these levels it has pulled back sharply. With that being said, as long as the USO is trading above the weekly 20 and 50 moving averages it is still in a technically strong position in the near term. The next major weekly resistance levels for the USO are 43.00, and 46.00. The weekly support levels are 37.00, and 35.00 should the USO pullback.
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