Has Crude Oil Finished a Pullback, Poised for Renewed Strength?

As long as Oil holds above its two prior lows at $49.95 and at $49.61, the series of higher-lows off of the Nov 14 low at $42.20 will remain intact, and the most salient feature of the technical set-up that warrants us giving the benefit of the doubt to the Nov-Dec uptrend.

A sustained climb above $51.50 will trigger confirmation signals that recent weakness from $54.51 to $49.95 is complete-- ahead of the initiation of new upleg that projects to new highs at $55.00 - $56.00.