After making all-time new lows right at 33.00, the US Oil Fund ETF (NYSE: USO) has bounced to the 33.60/80 area so far…but needs to challenge and hurdle 34.25 to begin to get any real traction on the upside -- for continuation towards my optimal next recovery target at 35.70-36.20. Barring a challenge of 34.25, the price structure will need to back and fill, and develop a near-term base pattern between 34.00 and 33.00 to generate the requisite technical strength to inflict some damage to the downtrend from the 12/15 high at 40.73. That trendline cuts across the price axis in the vicinity of 35.20/30.
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