Oil Set to Retest Recovery High

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.

  Matched “”
x
Try Us Free For 14 Days!
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
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!