Oil Near Possible Meaningful Low

My hourly work on the U.S. Oil Trust (AMEX: USO) indicates that in the 47.50 area the USO hit a swing target, corrective low, and since has started the process of establishing a near-term pivot bottom. At this juncture, I would not be surprised to see a false start or two, and-or a retest or two of the 47.50 area prior to a sustained potent upmove that initiates a new upleg in the larger recovery rally period off of the Jan lows. For now, key resistance hovers at 49, which must be hurdled and sustained to confirm that a meaningful low has been established.
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