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Expecting Upside Pivot in Crude Oil

Commodities / Crude Oil Dec 13, 2011 - 03:02 AM GMT

By: Mike_Paulenoff

Commodities

My work in nearby NYMEX oil argues that current weakness should violate Friday's low at 97.65 on the way to a press into the 96.00 area, where the price structure should make an attempt to hold and pivot to the upside, preserving the late-Nov double-bottom lows around $95.00.


If such a scenario unfolds, then oil and the U.S. Oil Fund ETF will enter a powerful new up-leg that projects to $106-$108 thereafter in NYMEX crude. Only a sustained violation of $94.65 will invalidate my preferred technical scenario.

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By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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