Oil Testing Support - Market Analysis for Apr 17th, 2007

Instead of accelerating to the upside above 51.50, the US Oil Trust (AMEX: USO) reversed and now is pressing towards a test of near-term support at yesterday's low at 50.71. While today's whipsaw action is disappointing, in and of itself, the weakness has not inflicted meaningful damage to the near-term chart pattern. Only a break of 50.70 and the three-month support line at 50.50 will start to compromise what my work indicates is the start of a new upleg destined for 55.
  Matched
x
  • 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!