United States Oil Fund, LP (NYSE:USO) bounced strongly last week, but it is nearing a price gap that presents formidable resistance. It is also in the lower half of its price channel.
Likewise, the Invesco DB Commodity Index Tracking Fund (NYSE:DBC) is approaching its price gap and seems very likely to resume its weakness.
The energy fund XLE (NYSE:XLE) has broken its major supporting trendlines and seems to have already finished its small counter-trend rally.
The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) tends to move more dramatically than XLE, and it has broken a multi-year trendline, suggesting much lower prices in the weeks and months ahead.