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Has WLL Ended a Deep Correction Within a Large Base Formation?


If Whiting Petroleum Corp. (WLL) climbs above 9.55/60, it will have clawed its way from yesterday's new corrective low at 8.47 back above its 13-month up trendline, which was violated during the past week's action as WLL pressed beneath 9.40 in sympathy with plunging oil prices (prior to yesterday's upside reversal).

A close above 9.60 will argue for upside continuation near-term towards a confrontation with its sharply declining 20-DMA, now at 10.36.

In the absence of some bullish fundamental catalyst, however, my pattern work off of the Jan high, and the current juxtaposition of my momentum gauges argue in favor of WLL spending more time below 9.55/60, putting into place a near-term bottom rather than a near-term low, prior to launching into a new, sustainable upleg-- in route to 14.00.

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