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Has Crude Oil Ended It's October Correction?


Increasingly, yesterday's low at $48.87 just prior to the EIA Inventory Report appears to have concluded the correction off of the Oct 19 high at $51.93, which, if accurate, means that Oil is in the early stages of a new upleg that points to $53.00-$54.00 next.

From a micro perspective, Oil needs to hurdle and to sustain above $50.35 to trigger confirmation signals that a new upleg is in progress.

Failure to climb above $50.35 will leave Oil still vulnerable to another test of $49.00-$48.90 support, which, if violated, will increase the likelihood that the Oct correction has unfinished business to either $48.60 or $47.00 prior to the next upleg emerges.

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