United States Oil (USO) Russia warned not to even consider helping Iran

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								United States Oil (USO) Russia warned not to even consider helping Iran

United States Oil (USO) Russia warned not to even consider helping Iran

The United States warned Russia to not even consider helping Iran to evade the U.S. sanctions on Tehran’s oil, a senior U.S. Administration official told the Financial Times.

“Iran might be pushing the idea of Russia selling their oil on the world market to evade sanctions,” FT quoted on Sunday the senior official as saying.

“I would discourage Russia from even considering this. It would be in Russia’s best interests not to facilitate Iranian evasion of US sanctions,” the official noted.

Russia and Iran reportedly agreed last month to a deal allowing Iran to evade the U.S. sanctions on Tehran’s oil exports, Israel’s Hadashot TV news reported earlier this month, citing a document by the Israeli Foreign Ministry as warning.

Meanwhile, U.S. Treasury Secretary Steven Mnuchin said in an interview with Reuters over the weekend that it would be more difficult for Iranian oil customers to get waivers from the sanctions than it was during the Obama administration.

“I don’t expect we will get to zero in November but I do expect we will eventually get to zero,” Mnuchin said of the U.S. Administration’s efforts to bring Iranian exports down to zero.

“There have been already very significant reductions in advance of this date,” Mnuchin told Reuters.

Overall, the bias in prices is: Sideways.

The projected upper bound is: 15.39.

The projected lower bound is: 14.12.

The projected closing price is: 14.75.


								United States Oil (USO) Russia warned not to even consider helping Iran

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 22 white candles and 24 black candles for a net of 2 black candles.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 21.8341. This is not an overbought or oversold reading. The last signal was a buy 0 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 43.34. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 12 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -97. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

UNTD ST OIL FUND closed up 0.020 at 14.740. Volume was 15% below average (neutral) and Bollinger Bands were 10% wider than normal.

Open High Low Close Volume___
14.600 14.750 14.500 14.740 17,461,776

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 15.04 14.77 13.77
Volatility: 30 27 30
Volume: 23,231,430 19,037,002 20,324,784

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

UNTD ST OIL FUND is currently 7.0% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of USO at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on USO and have had this outlook for the last 4 periods.

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