Crude Oil Retesting All-Time Highs

By: Mike_Paulenoff

The June triangle consolidation period in the U.S. Oil Fund ETF (AMEX: USO) likely ended yesterday, and has turned up with a vengeance and has propelled the USO towards a retest of the June (all-time) high at 113.00. The pattern itself represents a high-level bullish consolidation pattern that should resolve itself in a thrust into new high territory that projects into the 115.50 to 117.20 target zone. Only a decline that breaks yesterday's low at 106.83 will wreck the still bullish pattern.

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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

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