CRInvestor

USO consolidated and now pointing higher??

BATS:USO   UNITED STATES OIL FUND
126 1 1
Today we consolidated a good portion of the session and only in the last hour of trading did we actually turn back up. The correction itself was back to about 33% of the up move which qualifies it for a potential bullish ab=cd price pattern. Additionally, momentum has both bottomed and turned back up through the 0 line suggesting that the 'fail' status there has been removed. While nothing is guaranteed, The reward vs. risk of going long here makes this current setup quite attractive. Long from 38.02 with stops just below 37.71 (.31 risk). The target off this pattern suggests an ultimate upside target near 38.91 (.89 reward)...
News around Syria is pushing both gold and oil up the last hour...
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