Moment of Truth for Oil

The moment of truth for nearby crude oil prices, as they press against the 20 Day MA at 39.29, which also represents the mid-point of the Bollinger Bands-- and usually supports the price structure on a pullback IF (and only IF) the dominant trend direction is UP. Right now, the technical work shows a possible upside reversal off of the 2/12 low at $33.55, which climbed to 45.30 on 2/26 prior to turning lower. This AM's pullback low at $39.44 so far has preserved the 20 DMA, but as of yet, no meaningful upside reversal has occurred. This bears watching for ETF traders interested in the US Oil Fund ETF (NYSE: USO). MJP 3/03/09 12:05 PM ET (39.96... USO: 24.40)