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Oil Continues to Lead the Recovery. What Next?


Oil prices have exploded above the nearest-term down trendline at $29.20, and above $30.00 as well, but heavy resistance resides between $30 and $32, which is the next hurdle for this recovery rally.

Conversely, any forthcoming weakness must hold above $30.00 - $29.50 to retain confidence in the prospect of a meaningful market low (not necessarily a bottom).

Right now, my pattern work argues that the upmove from $26.19 to $31.32 exhibits bullish form, which means that weakness should be bought.

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