Oil Pressing Support - Market Analysis for Aug 3rd, 2007

Right now the US Oil Trust (AMEX: USO) is down about $0.80 and pressing against its June-Aug support line at 56.80, which if broken should trigger downside acceleration towards the next key support plateau at 54.75-54.20. Such a move will represent a 40-45% downside traverse across the bullish price channel -- and a "natural" support area where we might expect weakness in the USO to find new buying interest.

Please note: Some of you noted a typo in our last Mid-Day Minute chart on the QIDs -- should have read 47.80-48.20 pivot range. Thanks for pointing that out, and our apologies for the error.

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