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, 05:42 GMT
AdviceTrade, Inc.
| 3007 Washington Blvd., Suite 220-C, Marina del Rey, CA 90292
http://www.mptrader.com/ | info@advicetrade.com
Weekly Market Commentary - The trend to lower interest rates continues by Mizuho Corporate Bank
Fri, Nov 20 2009, 15:48 GMT
London Gold Market Report by BullionVault.com
Fri, Nov 20 2009, 13:59 GMT
Friday Notes - Rising inflation rates once again, but no inflationary pressure at all! by UniCredit Group
Fri, Nov 20 2009, 13:03 GMT
Market Session Snap-Shot by ACM - Advanced Currency Markets
Fri, Nov 20 2009, 11:06 GMT
Markets Chartist Technical Analysis - S&P 500 & Mini dow Jones by Charmer Charts.com
Fri, Nov 20 2009, 10:21 GMT
Wall Street ends Friday in negative; Dollar with gains
FXstreet.com | Fri, Nov 20 2009, 22:14 GMT
UPDATE:Asian Shares End Mostly Lower; Tech Follows US Downturn
Dow Jones | Fri, Nov 20 2009, 11:20 GMT
GLOBAL MARKETS: European Stocks Just Up; Buyers Seen On Dips
Dow Jones | Fri, Nov 20 2009, 09:00 GMT
GLOBAL MARKETS: European Stocks Seen Higher On Bargain Hunting
Dow Jones | Fri, Nov 20 2009, 07:23 GMT
Asian markets, mostly lower as commodity prices decline; Euro and Pound, in range
FXstreet.com | Fri, Nov 20 2009, 07:08 GMT
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program