Fri, Nov 6 2009, 05:38 GMT
by Mike Paulenoff
If a new, powerful upleg in the US Oil Fund ETF (NYSE: USO) started at the 9/25 low at 33.45, the pattern carved out since exhibits a structure that is incomplete to the upside. Although the major upside thrust occurred into the Oct 21 high at 41.92, the 9-trading session pullback into Tuesday’s pivot low at 39.13 represents the conclusion of a correction within the larger incomplete upleg that projects to 43.00-44.00 in the upcoming hours/days. The rally from Tuesday’s low at 39.13 to yesterday’s high at 41.44 concluded the initial upmove of a new upleg, while all of the action since yesterday’s high is acting like a high-level congestion area prior to another burst of strength that hurdles the Oct 21 high at 41.92. If prices break down for any reason, key buy window support resides at 40.30/00, with the critical exit-long support plateau at 39.10.
Published on Fri, Nov 6 2009, 05:38 GMT
AdviceTrade, Inc.
| 3007 Washington Blvd., Suite 220-C, Marina del Rey, CA 90292
http://www.mptrader.com/ | info@advicetrade.com
Commodities Daily - Most commodities have risen a little overnight. by Danske Bank A/S
Fri, Nov 6 2009, 13:08 GMT
The Commodities Report - Crude slightly lower by KBC Bank
Fri, Nov 6 2009, 10:46 GMT
Market Session Snap-Shot by ACM - Advanced Currency Markets
Fri, Nov 6 2009, 09:55 GMT
Daily Forex and Dow Jones Recommended Levels by FXtechtrade
Fri, Nov 6 2009, 09:47 GMT
Forex Daily Analysis - Forex Trading - Forex Market Awaits Non-Farm Employment Change Figures by ForexYard
Fri, Nov 6 2009, 09:16 GMT
Mexico Stocks Close Higher As Peso Weakens; IPC Rises 0.5%
Dow Jones | Fri, Nov 6 2009, 21:42 GMT
U.S. markets, slightly up after negative opening; Dollar pares gains
FXstreet.com | Fri, Nov 6 2009, 15:13 GMT
Spot Gold Hits Record High Above $1,100/Oz On Weaker Dollar
Dow Jones | Fri, Nov 6 2009, 14:59 GMT
European markets, flat ahead of U.S. NFP; Euro and Pound below week highs
FXstreet.com | Fri, Nov 6 2009, 10:23 GMT
Asian Shares end Higher; Commodity Stocks Gain On Weak USD
Dow Jones | Fri, Nov 6 2009, 09:35 GMT
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program