Best Financial Markets Analysis Article Let's have a look at my updated hourly chart analytics of the US Oil Fund ETF (NYSE: USO), and bear in mind, that the API (American Petrol Institute) inventory data now come out on Tuesday's after the close (I think 4:30 PM ET), while the DOE data come out on Wed.'s at 10:35 AM ET, which adds a bit of volatility and decision-making to situation.

The USO has the near-term technical set-up for upside continuation off of this morning's corrective low at 30.20, which my pattern work argues ended the decline from the Jan 6 high at 38.76. If my work proves correct, then the USO has just started a recovery into the 34.50-35.00 area. The only question is how much of it will be ahead of tonight's API data? And/or how much could be triggered in reaction to the data? Very tricky indeed, but my overall technical work is telling me that this round of energy data should elicit a positive response from the market.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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