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Buy Here: Sharp Sell Continues On Oil

|Includes: The United States Oil ETF, LP (USO)

Oil continues to crash lower, now trading below $80 per barrel. The United States Oil Fund LP (ETF) (NYSEARCA:USO) is trading at $29.54, -0.95 (-3.12%). While most are extremely bearish on oil, true technical traders are watching the $29.00 - $29.25 level. This is a major double bottom from early October 2011. It is highly likely to see a bounce on oil around this level. I personally will be looking to take a small long position in this range. It may hit as early as tomorrow.

Gareth Soloway
InTheMoneyStocks

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posted by InTheMoneyStocks at OnlineTradersForum.com