Oil Due for Secondary Recovery Upleg

Now that the USO appears to have completed a 50% retracement of its recovery rally from 54 to 58, both my pattern and momentum oscillator work indicate that a secondary recovery upleg likely has started that should propel the USO above Thursday's high at 58 to a minimum target of 59 -- and possibly to 60 prior to completion. Only failure to hurdle 58 followed by a decline that breaks today's low at 55.80 will argue for a full-fledged retracement of the entire upmove from 54 to 58.

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