Oil Chart Bullish - Market Analysis for Nov 4th, 2008

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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