19Dec10:51 amEST

Opening Up This Can of Crude

97378 With well-defined lows in place at $20.53 on the USO ETF, crude oil is now making a case for a temporary bottom, seen on the 30-minute timeframe, below. To be sure, $20.53 represents a logical stop-loss zone for longs here, in the event some headlines come out over the weekend driving the oil price lower. But the initial, scary plunge earlier this week, followed by a widely-anitcipated bounce which then rolled back over to retest the lows, has the hallmarks of "scaring you out, then wearing you out," as markets tend to do psychologically when they bottom. UCO UWTI are the levered long crude ETFs I have on watch, especially if USO clears $21.45 upside soon. USO

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