Oil Continues to Exhibit a Very Constructive Technical Set-up

Bottom line: Unless and until Oil breaks below $43.00-- the Sept 1 low, my medium-term pattern and momentum work argue that all of the action off of the June high at $51.67 represents a major digestion period within an incomplete recovery period off of the Feb low at $26.05-- that projects to $60.00 - $65.00.

With the foregoing in mind, heavy and important support resides between $45.00 and $44.00, which, so far, has contained the selling pressure off of last Thursday (Sept 8) high at $47.75.

The longer Oil holds in the $45.00-$44.00 area, the more likely my medium-term bullish set-up will begin to unfold in the days ahead-- a thrust to new Feb-June highs above $51.67 towards $60.00 – $65.00.

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