Oil Ripping Tonight (USO, WTIC, XOIL)

Light Sweet Crude Oil and USO could rip through their symmetrical triangles tomorrow based on tonight's action. If they do, the May highs could be in play. I'd rather watch that area for a catalyst/breakout. I'll be watching oil, metals and specifically agricultural commodity prices going forward. If reflation hits with a vengeance I'll have to prepare for cereal box deflation. The November Oil Future CLX10 just broke through its downtrend line ($80.60).

Oil rises to near $81 on US economy, demand signs - AP
Crude Oil Rises to Seven-Week High on China, U.S. Economic Data - Bloomberg
OIL FUTURES: Crude Up On Momentum; Equities, China Data Support - WSJ

See a collabo of charts after the jump..

November Crude Oil Future, CLX10
courtesy of optionsxpress

Light Sweet Crude Oil Daily Chart (XOIL)
courtesy of FreeStockCharts.com

Light Sweet Crude Oil Weekly Chart

USO Daily Chart

USO Weekly Chart