USO Breaking Out - Market Analysis for Mar 31st, 2011

With NYMEX WTI and BRENT OIL up $2/bbl, the U.S. Oil Fund ETF (NYSE: USO) is acting well. The USO sure does look like it's breaking out to the upside from its month-long sideways digestion area, which my work argues projects towards a next target zone of 43.60-44.20.

At this juncture, only a downside reversal and violation of Tuesday's pullback low at 41.16 will compromise the budding upside breakout.

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