Let's notice the rounded bottom in the U.S. Oil Fund ETF (AMEX: USO), carved out since Oct 21, and though it represents a relatively minor base pattern, it should propel the USO into the 60.00-62.00 area in the upcoming days. Only a sudden downside reversal and plunge beneath 52.00 will wreck the developing pattern.
By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
