Feb 02

Oil Making a Push

Once again, despite what looked like a downside reversal that would usher in a pullback, the US Oil Fund (AMEX: USO) barely declined prior to pivoting to the upside for another pop to new recovery highs. As we speak, the USO is attempting to push above its July-Jan resistance line, which if achieved should trigger upside acceleration to 50 next.
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!