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.

Despite The Street's Increasingly Bearish Fundamental Analysis, Crude Oil Remains Surprisingly Buoyant


Since my first post today around 7:30 AM ET (see below), Oil has jumped from $52.45 to $53.55, but, more importantly, the price structure has pivoted off of the area of its significant Nov- Jan up trendline in the vicinity of $52.50-- above micro resistance at $52.80, and up to $53.55, in what has the right look of the start of a new upleg that again will challenge multiple rally peaks between $53.50 and $54.08, which, if hurdled and sustained, will point Oil to $56 next. MJP 1/31/17

After failing to follow through to the upside above $53.50/55 resistance last Friday, Oil has pulled back right to a test of the Nov-Jan support line in the vicinity of $52.50, which, for now, has contained the selling pressure, and has averted potential technical damage that could precipitate further weakness into more significant support at $51.00 - $50.70.

A climb above $52.80 is needed to indicate that Oil has held the key support line, and has completed another "minor" correction off of the most recent rally peak at $54.08. MJP 1/31/17

  • 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!