Browse Symbol Stacks: USO: CL_Daily_June102015.jpg
Nothing like a good API -6.7mil DRAW to scare the children overnight.
Once again we've broken outside of the down channel on the daily/4-hour, and are testing the highs from May 13th & 18th.
Should EIA also show a large oil draw, AND a significant gasoline draw (more important imho), I expect us to test BOTH the 62.58 current high for 2015, and attempt to break the 200-day SMA (currently up at 64.29).
Note for USO traders, /cl still in contango, so there is the exacerbated drag effect on the ETF.