Oil Testing Support

Apr 17

by Mike Paulenoff, Tue April 17th, 2007

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Instead of accelerating to the upside above 51.50, the US Oil Trust (AMEX: USO) reversed and now is pressing towards a test of near-term support at yesterday's low at 50.71. While today's whipsaw action is disappointing, in and of itself, the weakness has not inflicted meaningful damage to the near-term chart pattern. Only a break of 50.70 and the three-month support line at 50.50 will start to compromise what my work indicates is the start of a new upleg destined for 55.

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!

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