Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

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.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!