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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.

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