Oil ETFs Near End Of Rise?

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Oil ETFs are just now reaching overbought levels, suggesting a possible correction in the near future

oil Oil ETFs Near End Of Rise? Oil ETFs continued to rise slightly today, however oil ETFs’ latest bullish swing may soon be over.  The West Texas Intermediate Crude oil price per barrel dropped .12% to close at $93.16, while the United States Oil Fund ETF (NYSEARCA:USO) gained .12%.  The United States 12 Month Oil Fund ETF (NYSEARCA:USL) performed similarly with a .22% rise.

So, are oil ETFs’ temporary rise soon to be over? According the RSI of NYSEARCA:USO, NYSEARCA:USO’s rise just might be over.  Today, NYSEARCA:USO registered an RSI of 67.51, just a few points below the overbought ’70′ mark, and is awfully close to hitting its 200 Day Moving Average ceiling.  An almost oversold RSI and the tough 200 Day Moving Average ceiling certainly build a strong case for why the temporary oil ETF surge might be coming to an end.  The United States 12 Month Oil Fund LP ETF (NYSEARCA:USL) has a similar situation, with a near overbought RSI reading of 66.15 and hovering very close to its 200 Day Moving Average ceiling.

Natural gas ETFs present a different story however, as the United States Natural Gas Fund ETF (NYSEARCA:UNG) has a negative -0.028 MACD and an almost overbought RSI level of 35.28.  Unlike its oil ETF counterpart, NYSEARCA:UNG is likely due for an uptick soon, as the MACD appears to be leveling off and the RSI is close to oversold.

Oil ETF Update: 

Oil Spot Price: $93.16/barrel, -.13%

United States Oil Fund LP ETF (NYSEARCA:USO):  +.12%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and is traded as futures contracts on The New York Mercantile Exchange (NYMEX).

United States 12 Month Oil Fund LP ETF (NYSEARCA:USL):  +.22%, This ETF is a commodity based ETF designed to track the price of West Texas Intermediate Crude Oil.  The United States 12 Month Oil Fund LP ETF (NYSEARCA:USO) reflects the price of oil delivered to Cushing, Oklahoma and reflects the average of the next 12 months of oil futures contracts on The New York Mercantile Exchange (NYMEX).

Natural Gas ETF Update:

Natural Gas Spot Price: $3.23/ft3, -1.37%

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