If Whiting Petroleum (NYSE:WLL) climbs above 9.55/60, it will have clawed its way back from Wednesday's new corrective low at 8.47 -- above its 13-month up trendline, which was violated during last week's action as WLL pressed beneath 9.40 in sympathy with plunging oil prices (prior to Wednesday's upside reversal).
A close above 9.60 will argue for upside continuation near-term toward a confrontation with its sharply declining 20-DMA, now at 10.36.
In the absence of a bullish fundamental catalyst, however, my pattern work off of the Jan. high and the current juxtaposition of my momentum gauges indicate that Whiting will spend more time below 9.55/60, putting in place a near-term bottom rather than a near-term low before launching into a new, sustainable upleg -- en route to 14.00.