Correction Ended for Crude Oil and USO ETF
Commodities / Crude Oil Apr 15, 2011 - 12:35 PM GMTBy: Mike_Paulenoff
Despite commodity bashing by Goldman Sachs again this morning, oil prices remain relatively buoyant.
Right now my pattern and momentum work in the U.S. Oil Fund ETF (USO) indicate that a significant correction ended at Wednesday's low at 42.10. They also indicate that current strength represents the initiation of a new upleg in an incomplete larger bull move that projects to another new high in the days directly ahead.
At this juncture, only the inability of the USO to hurdle and sustain above 44.00/10 will compromise my current outlook.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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