Crude Oil Attempts to Rally. Is the Strength Meaningful Technically?

Yesterday's range in nearby NYMEX Crude Oil was 48.20 to 46.91.

Today's range so far is 48.44 to 46.68, which means that today Oil made a new multi-month low beneath yesterday's low, and has climbed above yesterday's high.

In so doing, Oil has set the stage to put in a successful key, upside-reversal day—if it can climb and close above 48.20 at 4:00 PM ET.

A close above $48.20 will trigger the first signal that the slide from the June 16 recovery-rally high at $62.58 to the July 28 low at $46.68 is complete, and that a secondary rally within a larger, incomplete-recovery period off of the March low at $42.03 has commenced.