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New Upleg for Crude Oil?

Commodities / Crude Oil Jul 12, 2011 - 12:17 PM GMT

By: Mike_Paulenoff

Commodities

My hourly pattern work in nearby NYMEX crude oil futures indicates that the structure of the decline from the July 7 high at 99.42 into this morning's low at 93.55 exhibits a completed corrective leg. If accurate this also means that oil has initiated a new upleg within a larger recovery rally period off of the June 27 low at 89.61 that projects above 99.42 into the 101-103 target zone.


Only a decline that breaks 93.55 will invalidate my current outlook, which is also bullish for traders of the US Oil Fund ETF (USO)

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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