Nov 28

Upside Continuation Expected in Oil

Don't tell anyone, but the US Oil Trust (USO) appears to have finally inflicted some initial technical damage to the extreme near-term pattern, which now projects prices to continue higher to confront the declining 50 DMA (53.50) and thereafter to confront the series of prior rally peaks (54.40-54.90). My daily and weekly work on the USO are in a very constructive technical condition to support upside continuation to 54.40/90 -- and thereafter to 60-62.
Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!