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Oil Chart Bullish


Tuesday November 4th, 2008
Oil Chart Bullish
by Mike Paulenoff www.MPTrader.com
Oil Chart Bullish
By Mike Paulenoff, www.MPTrader.com

Let's notice the rounded bottom in the U.S. Oil Fund ETF (AMEX: USO), carved out since Oct 21, and though it represents a relatively minor base pattern, it should propel the USO into the 60.00-62.00 area in the upcoming days. Only a sudden downside reversal and plunge beneath 52.00 will wreck the developing pattern.

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