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Crude Oil is a Two-Way Market After All. Now what?


Right now, apart from the fact that nearby Oil held support above $42.00-$41.80 into yesterday's plunge, today's upside reversal must sustain above $45.00-$44.60 on a closing basis for me to consider the action a significant upside-reversal session.

In addition, I will be interested to look at the micro (5-minute) pattern carved out by today's upmove, to help determine if it exhibits bullish or recovery-rally form.

So far, the jury is out on the latter, but looking very promising for a key, upside-reversal session.

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