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NYMEX Oil Continues to Exhibit a Favorable Technical Set-Up
Heading into today's session, Oil is trading about 3% beneath its April high, but more importantly, remains above both its flattening, 200-Day EMA, now at $41.85, and its rising 50-Day EMA, now at $38.51.
From an intermediate-term perspective, as long as Oil remains North of its rising, 50-Day EMA, the overall technical set-up will be viewed constructively.
The ability of Oil to hold above its 200-Day EMA will imbue the post-Feb pattern of higher-highs and higher-lows with more "confidence" and stability, and will point the price structure towards a $50 (next) target.
