Oil, USO Topping - Mid-Day Minute for Thu May 29th 2008

May 29

Oil, USO Topping

by Mike Paulenoff, Thu May 29th, 2008

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Oil Topping
By Mike Paulenoff, www.MPTrader.com

Wicked volatility in crude oil prices, which some people suggest is indicative of a topping process. I cannot argue with that premise; however, purely from a technical perspective the key level that must either hold or break to confirm the establishment of a near-term top is 102.51 -- yesterday's low in the US Oil Trust (AMEX: USO). Right now the weight of my technical work leans heavily to the downside, indicating that we should expect 102.51 to be broken and to trigger downside acceleration towards the 5/15 pivot low at 97.69.

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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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