Increasingly, my near-term work is "warning" me that the correction in NYMEX crude oil from its January 4 high at 103.74 likely ended at this morning's pre-market low at 100.83.

A climb above 102.05/15 will confirm the low and indicate that a new up-leg is in progress for oil and the U.S. Oil Fund ETF (USO) that should propel futures prices towards 106-108 next.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.