Long Oil - Market Analysis for May 19th, 2006

In the past 24 hours, the USO either has carved-out a Double Bottom at 65.10/15 ahead of a potent upmove initially to 69-70, OR, it has carved-out a sideways $1.50 digestion range within its dominant month-long correction, ahead of another plunge beneath 65.00. Right now, my work is compelling me to be and to stay long to participate in a new upleg in crude oil prices. A climb that sustains above yest.'s high at 66.79 should trigger upside acceleration to 69.00. MJP 05/19/06 1:15 PM ET (65.65)

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