NYMEX Crude Oil Looks Poised for Upside Acceleration

One of the more surprising technical set-ups right now definitely has emerged in NYMEX Crude Oil.

For all of the hype about U.S. oil independence, and for all of the disappointment about U.S. and world growth, and with everyone wondering when the lights will come back on in China, you would never know it from the enclosed chart of nearby NYMEX Crude.

It is up $1.65 or 1.5% today, and looks poised for upside acceleration out of its March-June coil pattern towards $110-$111 next.

All I can say is that the U.S. economy had better be stronger than most everyone thinks, because $110/bbl crude oil certainly will put the U.S. consumer to the test this summer.