NYMEX Oil Technical Set-Up Still Argues for Unfinished Biz to the Upside

All of the action off of the Aug 24 low at $37.75 has the right look of the initial upleg of an incomplete recovery-rally period.

The Aug 31 high of $49.33 represents the initial-upside thrust of the recovery period, followed by several sessions of sideways (though volatile) digestion, which should be followed by another upside pop that confronts the major-resistance line off of the July 2014 highs ($105- $108), now at $52.20.