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.