Oil Prices Ready to Upside Pivot?
As we speak, nearby NYMEX Crude Oil is pressing towards a retest of key near-term support at $103.80/30.
This must contain the selling pressure to avert downside continuation that projects into the $102.00-$100.00 support zone.
Right now, the weight of my near-term pattern and momentum work suggest that the $103.80/30 area should contain today's pressure.
If proven reasonably accurate, this suggests strongly that oil prices should again pivot to the upside for a revisit of the July high area at $109.00/30.