Feb 27

Key Upside Reversal for Oil

The US Oil Trust (AMEX: USO) (51.34) has made new recovery highs today as nearby crude oil prices have clawed their way above $62 for the first time this year. The more important technical "event" is that today's action represents a KEY upside reversal day, which suggests that a new upleg has just started... that projects to 52.80 (USO) next.

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!