The USO stock price (US Oil Fund) dropped to new record lows today as continued declines in crude oil prices have taken a huge toll on this exchange traded fund. USO stock price for today is currently at $2.15, or 2.74% lower as crude oil price on the WTI June 2020 contract dropped below $13 a barrel.
Today’s decline marks another day in what has been a month of pure nightmares for investors in the US Oil Fund. The managers of the fund have restructured the asset several times in an attempt to stave off cataclysmic losses. The collapse of the May 2020 WTI contract and the subsequent dip into negative territory exposed the dangers of tracking just one month’s crude oil futures. The USO stock price has now been reconfigured for investing in the contracts for several months and not just one month at a time as was previously the case.
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Technical Outlook for USO Stock Price
USO stock price has seen a 49.52% decline in April 2020 and is currently trading at all-time lows. Without a historical bottom to work with, the Andrew’s pitchfork may provide some guidance as to where a price bounce may be expected. The USO stock price could dip further towards the 1.2 – 1.65 price range, where it is expected to make contact with the lowest support ray of the pitchfork. A bounce at that level may allow for price recovery towards the 22 April highs at 2.96, with further upside targets at 4.06 and 5.08. The 3 April highs at 5.99 and 9/10 March highs at 7.34 may also serve as further upside targets if a recovery proves strong enough.
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