NYMEX Crude Oil Puts in a Near-Term Low

Nearby Crude Oil has spiked from a new reaction low at $47.05 to an intraday high at $49.39, which we see has thrust above its prior, several recent-failed, rally peaks so far today.

What is very interesting to me from a near-term technical perspective is that the downleg from the Mar 26 recovery high at $52.46 into this morning's low at $47.05 appears to have ended with a falling-wedge pattern, which for me, imbues this upmove with more validity (staying power) than prior rally efforts.

If there is any validity to what I am thinking about this surge in Oil, then it is the start of a run towards a test of $52.46, on the way to $56-$58 thereafter.

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