CRInvestor

USO 15m Analysis - rally target window hit and exceeded

BATS:USO   UNITED STATES OIL FUND
850 0 7
The anticipated consolidation of yesterday's late session surge was indeed both swift and violent. Price gaped lower, probed below yesterday's value highs, then reversed violently higher. Action far too violent for my small account's risk threshold. As a result, I ended up just watching today. As we head into the Labour Day weekend it seems the markets are trying to end the summer session on an up beat note. The 2 hour OTE             Long Sweet Spot ($37.00) has indeed proven to be a significant pivot . Price has now exceeded upside 'dead-cat-bounce' criteria and the fact that the rally was greater then 66% leads me to believe there may be more bullish action to come. The depth of what ever pull back we see over the coming session or two ought to at least start to build a potentially bullish scenario going forward. Indeed, it may take at least that as momentum currently is in 'fail' mode after a significant bullish reversal.
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