NYMEX Crude Oil Appears Poised for Upside Recovery Continuation

Nearby NYMEX Crude Oil looks like it has turned up into a secondary recovery rally effort that should hurdle the declining 50-Day EMA, now at $53.15, and the prior rally peak at $54.34, in route to a near-term target zone of $58-$60.

At this juncture, only a decline that breaks last Thursday’s reaction low at $47.80 will compromise the current set-up, and instead indicate that a test of the Jan 29 low is likely prior to the anticipated recovery rally to $58-$60.