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Crude Tries To Rally: Is It Technically Meaningful?

Published 07/28/2015, 01:33 PM
Updated 07/09/2023, 06:31 AM

Monday's range in nearby NYMEX crude oil was 48.20 to 46.91.

By mid-day Tuesday, it wasin the range of 48.44 to 46.68, which means that on Tuesday, oil made a new multi-month low beneath Monday's low and has climbed above Monday's high.

In so doing, oil has set the stage to put in a successful key, upside-reversal day -- if it can climb and close above 48.20 at 4:00 PM ET.

A close above $48.20 will trigger the first signal that the slide from the June 16 recovery-rally high at $62.58 to the July 28 low at $46.68 is complete, and that a secondary rally within a larger, incomplete-recovery period off of the March low at $42.03 has commenced.

Daily Crude Oil

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