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Crude Oil Remains Resilient Despite Bearish Headlines
In the aftermath of its upleg from $47.05 to $54.13 NYMEX Crude Oil has corrected 50% of the advance, and could have established a double-bottom corrective low at $50.37, and at $50.63.
To confirm that a significant pullback low has been established, NYMEX Oil must first hurdle its nearest-term resistance line, now at $51.50, and then follow through to take out near-term resistance at the prior rally peak of $51.86.
Should such a scenario unfold, my work argues for upside continuation to $58-$60.
Only a decline that breaks and sustains beneath $50.00 will compromise the developing technical set-up.
