Another Upleg in Crude Oil?

By: Mike_Paulenoff

The action during the past couple of sessions in the U.S. Oil Trust (AMEX: USO) as well as in crude off of the 9/28 high at 64.25 represents another bullish consolidation within the dominant uptrend rather than a near-term top…and indicates strongly that another upleg may have started off of the Sept-Oct double-bottom lows near 60.20, which projects to a test and hurdle of 64.25. Only a break below 60.00 will compromise my near-term constructive outlook.

Sign up for a free 15-day trial to Mike's ETF Trading Diary today.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

© 2002-2007 MPTrader.com, an AdviceTrade publication.  All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.