September 9, 2026

By Nigam Arora

To gain an edge, this is what you need to know today.

Oil Surge

Please click here for a chart of oil ETF (USO).

Note the following:

• The chart shows USO is approaching zone 1 (resistance).
• The chart shows oil was previously in zone 1 when there was peak Iran fear.
• RSI on the chart shows oil is very overbought.
• Prudent investors should make a note that Iran fear has faded away but oil is now close to where it was during peak Iran fear.  The predictive power of this simple observation is that the likelihood of oil breaking above zone 1 is fairly high.