The most salient feature of my intermediate-term technical set-up in nearby NYMEX Crude Oil is the fact that after failing to hurdle its 200-Day EMA twice in March and April, the price structure is trading above it now (220-Day EMA is at $41.81), which is a very promising technical signal.
Oil has not traded above its 200-Day EMA since July 2014, when it was trading near $100/bbl.
In addition, the 200-Day EMA is flat-to-upturning, which suggests that the Jan.-Apr. accumulation period represents an intermediate-term bottom, implying potential upside combustion to $48-$52, and possibly $58-$60 prior to the conclusion of a multi-month recovery rally.
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