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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