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.

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