Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Oil Continues to Ratchet Higher


Below is what we discussed earlier this morning, when Oil was trading at $63.29.

Since then, Oil has climbed to $53.97, and in the process, has taken out its prior rally peak at $53.79.... MJP 12/27/16

Crude Oil continues to crawl higher after the holiday, conspicuously preserving the uptrend off of its Nov 29 low ($44.82).

The trendline cuts across the price axis this morning in the vicinity of $52.70, but the underlying series of higher-lows indicates that a break of $52.30 is required to inflict initial damage to the dominant uptrend.

Conversely, the dominant uptrend pattern is putting upward pressure on the Dec resistance line, now at $53.45, which, if penetrated, will position Oil for upside continuation and acceleration towards a test of the Dec high at $54.51-- in route to my next immediate target of $56.00.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!