Is Oil in the Early Stages of a New Upleg?

From a comparative-chart perspective, the action in the e-SPH and in nearby NYMEX oil once again is tracking closely.

This morning’s sudden-upside reversal in the e-SPH leaves behind a near-term bear trap, while this morning’s low in oil has the right look of the end of a pullback within an incomplete, larger recovery-rally process.

If my work is reasonably accurate in oil, it is in the early stages of a new-recovery upleg that should hurdle last-week’s high at 98.75, on the way to 100-101.

Only a close beneath 96.21 will argue that the “intervening” weakness is not quite finished yet.


  Matched
x
  • In our live, interactive Trading Room, we identify trading opportunities in ...
  • Equity Index Futures
  • Index & Sector ETFs
  • Individual Stocks
  • Precious Metals
  • Energy
  • Forex
  • Treasuries
  • International Markets
  • And Much More
Join MPTrader Now!
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!