Oil Pivoting to the Upside

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Before the open today, I noted to our members that crude oil is starting to look and act like the correction off of the Aug 19 high at $48.75 in the USO into this morning’s low at $46.42 is at, or very near, completion. If accurate, this also means that oil is close to pivoting to the upside into another upleg that projects to $51-$52 next.

Since then, the USO has popped above nearest-term resistance at $47.00, and increasingly looks like the Aug 19-24 correction is complete — and that a new upleg is in its infancy.


Originally published on MPTrader.com.