In reaction to this morning's Inventory Report, nearby NYMEX Oil initially knee-jerked lower to a marginal new corrective low at $48.43, but then pivoted to the upside above $49.00 into positive territory.
My intraday work suggests strongly that the absence of follow-through selling pressure in new reaction low territory-- after the morning's initial down-spike—represents the conclusion of the entire downleg off of the Feb 17 rally high at $54.92.
That said, however, nearby Oil needs to climb above $49.77 to trigger initial confirmation that a significant corrective low has been established-- and that a new recovery upleg is in its infancy.
As we speak, oil bulls and bears are battling between $49.77 and $48.43.
Let's see what happens as the day wears on.