USO Breaking Out

Popular Articles

USO Breaking Out

By Mike Paulenoff | Published 03/31/2011 | Futures , Stocks | Unrated

USO Breaking Out

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.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

It should not be assumed that the methods, techniques, or indicators presented on these websites will be profitable or that they will not result in losses. Past results are not necessarily indicative of future results. Examples presented on these websites are for educational purposes only. These set-ups are not solicitations of any order to buy or sell. The authors, Tiger Shark Publishing LLC, and all affiliates assume no responsibility for your trading results. There is a high degree of risk in trading.