USO Technical Analysis 9/15/08

On the day of the Lehman bankruptcy, the USO has crashed below previous support of the low $79's and hit $77.13 today 9/15/08. Looking at the USO Chart, we have some nice support around $75-$79. This is a big range but if the USO holds $75 and then shoots back up to close over $80....$75 could be your bottom. I would personally wait for the USO to close over the 10 day moving average as it has not done this since mid August. USO closed over $93 and then shot to $98.54....so using the 10 day moving average could result in a nice upside trade.