Back
26 Feb 2015
NYMEX crude oil poised for resumption of recovery strength – MPTrader
FXStreet (Barcelona) - Mike Paulenoff of MPTrader, views that a move above $49.97 will suggest that the correction low has been established for Nymex Crude, with further recovery strength possible.
Key Quotes
“My intraday work suggests strongly that the absence of follow-through selling pressure in new reaction low territory-- after the morning's initial down-spike—represents the conclusion of the entire downleg off of the Feb 17 rally high at $54.92.”
“That said, however, nearby Oil needs to climb above $49.77 to trigger initial confirmation that a significant corrective low has been established-- and that a new recovery upleg is in its infancy.”
“As we speak, oil bulls and bears are battling between $49.77 and $48.43.”
Key Quotes
“My intraday work suggests strongly that the absence of follow-through selling pressure in new reaction low territory-- after the morning's initial down-spike—represents the conclusion of the entire downleg off of the Feb 17 rally high at $54.92.”
“That said, however, nearby Oil needs to climb above $49.77 to trigger initial confirmation that a significant corrective low has been established-- and that a new recovery upleg is in its infancy.”
“As we speak, oil bulls and bears are battling between $49.77 and $48.43.”