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.
Expecting Upside Pivot in Oil
My work in nearby NYMEX oil argues that current weakness should violate Friday's low at 97.65 on the way to a press into the 96.00 area, where the price structure should make an attempt to hold and pivot to the upside, preserving the late-Nov double-bottom lows around $95.00.
If such a scenario unfolds, then oil and the U.S. Oil Fund ETF will enter a powerful new up-leg that projects to $106-$108 thereafter in NYMEX crude. Only a sustained violation of $94.65 will invalidate my preferred technical scenario.