Oil Update - Going Higher

On Wednesday, June 21 I posted a chart of United States Oil Fund LP (Symbol: USO). At the time I wrote "At some point I expect oil to go much higher...". Who would have figured oil would move up 15% in less than a month. The chart above shows how oil has broke out if its downward trend and is headed higher. . Over night oil pipelines in Nigeria were bombed and oil is trading over $75 a barrel, and all the supply figures have been bullish as gas inventories were lower in than expected. See: http://fundomax.blogspot.com/2006/06/new-commodities-exchange-traded-funds.html for the previously posted chart