MPTrader Mid-Day Minute 2/22/7
Started by
TTHQ Staff
, Feb 22 2007 03:15 PM
No replies to this topic
#1
Posted 22 February 2007 - 03:15 PM
MPTrader Mid-Day Minute
Thu Feb 22nd 2007
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.
For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary.