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Oil Continues to Flirt With and Challenge its February-September Up Trendline


Once again, Oil has pressed to a marginal, points post-Aug 19 corrective low at $42.55, which again managed to hold in and around the major Feb-Sept support line (discussed in my 9:26 AM ET chart post) prior to pivoting to the upside into positive territory and an intraday high at $44.05.

Let's notice that today's attempted upside reversal has not hurdled the prior rally peak of $44.15 (yesterday), which was just shy of Friday's rally peak at $44.34.

So far, such a scenario has been elusive, and as such, the strength in Oil has to be viewed with some suspicion for the time being.

That said, my near-term pattern and momentum work are set-up to support an upside reversal here.

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