Correction Over in Oil?
Mid-Day Minute for Mon January 9th 2012
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Increasingly, my near-term work is "warning" me that the correction in NYMEX crude oil from its Jan 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.
