First, let's start with these two charts. They both show USO on a one year, daily scale:
Do you see any trends worth mentioning?
The oil chart is a mess, largely because there is nothing clear about it in any way, shape or form.
I have no problem with top line (C) -- that's pretty clear cut. But notice that diagonal line B ties together very low points that are pretty far out of the trading range, whereas line A really looks more like a low point of a 6 month trading range.
In addition, consider the EMA picture:
For the last 6 months, the EMAs have been whipsawing around the 200 day EMA. There is really no trend worth mentioning. The USO is in a solid trading range.
