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.

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