Oil's bullish outlook remains intact since it bounced from support

Whew! - oil tested support, but then bounced back up from it. Does it seem odd that oil could move up, even with gold weaknening and the dollar strengthening? Perhaps event risk would do it (though that might help gold too). Of course the charts are quite different too - oil is still working on retracements back to its high over $147. At any rate, USO got support at its 200-day moving average, and $WTIC got support just pennies under $70 at that long-term funny trendline on my monthly chart (both below). The volumes look like they are supportive, or at least don't look too negative.

All in all, my take is that I closed my short-term short on that test of $70, and have stepped in long again. I'm inclined to stay long from these levels and look for another wave up that should take it to higher levels. $85-90 in WTIC would be nice - let's see how it moves and with what range and buying volume, in order to get a god idea of how high it may range next.