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Brent Oil ETF on the Rise


Tuesday February 14th, 2012
Brent Oil ETF on the Rise
by Mike Paulenoff www.MPTrader.com

Looking at the U.S. Brent Oil Fund ETF (BNO), all of the action off of last Thursday's high at 82.56 represents a high-level bullish consolidation area that ended yesterday. The pattern is resolving itself to the upside in a thrust towards 84-84.50 next.

At this juncture, only a downside reversal and decline that breaks 81.40 will compromise the timing of the upside continuation.

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