NYMEX Oil Approaches a Test of Important Resistance

Crude Oil turned up sharply off of $36.66, higher than my expectation of a deeper pullback into the $36.20-$35.50 lower buy zone.

Be that as it may, Oil is pointed towards a retest of its Dec 24 recovery-rally high at $38.28, which, if hurdled, will morph all of the entire Dec price action into a bottom-like accumulation pattern that has an initial upside projection to the $41.00 area.

At this juncture, only a sharp downside reversal that breaks $36.66 will compromise the developing set up.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!