Oil update

Quick update on oil intraday - using the USO chart (rather than the $WTIC as posted most recently), you can see the volume pattern look promising. Not only did we see a big volume pickup into the recent lows, but there was even bigger buy volume yesterday. This is an encouraging sign for the long side for oil. (Stops either under the low or the intermediate swing low of a couple of days ago.) If USO can push above the $42/43 area then higher objectives come into play, which were addressed in a prior post here (including the level of oil at $65 measured in $WTIC, and potentially above that in the $80's).