The moment of truth for nearby crude oil prices, as they press against the 20-day MA at 39.29, which also represents the mid-point of the Bollinger Bands, and usually supports the price structure on a pullback ifthe dominant trend direction is up. Right now, the technical work shows a possible upside reversal off of the February 12 low at $33.55, which climbed to 45.30 on February 26 prior to turning lower. This morning's pullback low at $39.44 so far has preserved the 20-day MA, but as of yet, no meaningful upside reversal has occurred. This bears watching for ETF traders interested in the US Oil Fund ETF (USO).



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.