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 Set to Retest Recovery High


Wednesday February 21st, 2007
Oil Set to Retest Recovery High
by Mike Paulenoff www.MPTrader.com
The US Oil Trust (AMEX: USO) has popped above key 10-week resistance at 49.90-50.20, which so far has triggered upside follow-through towards a retest of the prior recovery rally high at 50.74 (2/09). My pattern and momentum work argue for a hurdle of 50.74 on the way to 51.60, and then 52.80. At this juncture, only a decline that breaks 47.30 will compromise the developing near-term bullish pattern.
Take Advantage Of Our Free
7-Day Trial, $7/Month Offer!
  • 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!