Crude Oil Ripe for Recovery Rally

My work indicates that Nov crude oil is very ripe for a recovery rally that propels prices for a test of important near-term resistance at $62.25/30, which if hurdled should trigger upside acceleration from the month-long down trendline -- towards my next optimal target zone of $65.00/20. Such a move should translate into a $4 advance for the USO from its current level of $55.40.

For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!