Wednesday's crude oil low at $48.87 just prior to the EIA inventory report appears to have concluded the correction off of the Oct. 19 high at $51.93, which, if accurate, means that oil is in the early stages of a new up-leg that points to $53-$54 next.
From a micro perspective, oil needs to hurdle and to sustain above $50.35 to trigger confirmation signals that a new up-leg is in progress.
Failure to climb above $50.35 will leave oil vulnerable to another test of $49-$48.90 support, which, if violated, will increase the likelihood that the Oct. correction has unfinished business to either $48.60 or $47 prior to the next up-leg.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.