In the past 24 hours, the USO either has carved out a Double Bottom at 65.10/15 ahead of a potent upmove initially to 69-70, or it has carved out a sideways $1.50 digestion range within its dominant month-long correction ahead of another plunge beneath 65.00. Right now, my work is compelling me to be and to stay long to participate in a new upleg in crude oil prices. A climb that sustains above yesterday's high at 66.79 should trigger upside acceleration to 69.00.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.