The first chart below is light sweet crude oil futures.  Note two things: 1) Oil has broken out of a long consolidation pattern (light blue lines) and closed above it on a weekly chart.  2) Oil has now retraced 61.8% of the down move in 2008.  All in all, that's bullish.

The second chart is the USO ETF, which might be the way to trade oil  On a daily close above $40 I will be looking to go long the USO.

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