Oil Retesting All-Time Highs

The June triangle consolidation period in the U.S. Oil Fund ETF (AMEX: USO) likely ended yesterday, and has turned up with a vengeance and has propelled the USO towards a retest of the June (all-time) high at 113.00. The pattern itself represents a high-level bullish consolidation pattern that should resolve itself in a thrust into new high territory that projects into the 115.50 to 117.20 target zone. Only a decline that breaks yesterday's low at 106.83 will wreck the still bullish pattern.