 |
||||||||||||||||||||
|
 |
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|||
MPTrader Mid-Day Minute
|
| Tue Jul 15th 2008
Oil Slides
By Mike Paulenoff, www.MPTrader.com Wow…talk about hitting an airpocket! The US Oil Fund ETF (AMEXL USO) plunged from around 118.50 to nearly 110.00, but since then has not managed to recover much and instead has consolidated at the very low end of today's spike -- 110-112 -- which for now is carving out a "Bear Flag" ahead of another decline. If such a scenario unfolds, then the next breakdown should violate very significant support at 110-109, on the way to test critical support at 107-106 thereafter. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
© 2002-2008 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.