Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Oil Finds Support


Oil Finds Support
By Mike Paulenoff, www.MPTrader.com

Let's notice that oil prices according to the US Oil Trust ETF (AMEX: USO) spent the prior 3 sessions attempting, but failing, to hurdle the 108.30/40 area, and instead this morning are under some pressure (105) area). Having identified the problem area ABOVE the market, let's also be aware that the selling pressure so far has NOT inflicted any meaningful technical damage to the powerful uptrend. A sustained break of 103.50 is needed to begin to inflict some technical damage to the most recent portion of the intermediate-term upleg (from the May 1 low at 88.89). Thus far, tough, the USO appears to be finding support just above key near-term support, which leaves the sidelines as a spectator, not wanting to be long but too early to be short (the commodity, that is).

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!