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The e-SPM Remains Poised To Climb to New Highs, While NYMEX Oil Attempts to Complete a Minor Bottom Formation


 

The e-SPM continues to exert upward pressure on a series of horizontal highs between 2106 and 2110, which should be hurdled, and if so, should trigger upside acceleration to the 2120/25 area next, on the way to 2150.

At this juncture, only a break below this morning's pullback low at 2093.25 will compromise the timing of the next upleg.

Meanwhile, nearby NYMEX Crumde Oil reversed this morning's weakness, and has clawed its way into positive territory, but still has not inflicted any meaningful damage to the otherwise bearish trend.

To do so, Oil must hurdle and sustain above $47.50-- to gain some traction to test resistance at $50.00.

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