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Today's low in crude oil at 61.55 tested Tuesday's low at 61.53, which contained the onslaught and provided the floor for an upside pivot reversal that so far has propelled prices into positive territory at 62.45. Let's notice that to really trigger upside acceleration, oil prices need to hurdle and sustain above 62.70, which should ignite a thrust towards the prior high at 63.84 (on the way to 65).
Only a failure to hurdle 62.70 followed by a break below 61.50 will invalidate the constructive pattern.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
