Donââ,¬â"¢t tell anyone, but the US Oil Trust (USO) appears to have finally inflicted some initial technical damage to the extreme near-term pattern, which now projects prices to continue higher to confront the declining 50-day MA (53.50) and thereafter to confront the series of prior rally peaks (54.40-54.90). My daily and weekly work on the USO are in a very constructive technical condition to support upside continuation to 54.40/90 -- and thereafter to 60-62.

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.