Has Oil floored?

Whilst the US equity market appears to have begun a minor retrace to the sp'2060s, there remains the bigger issue of whether Oil has already put in a key floor ($43.58). For the Oil bears... the longer they take to renew the downward trend... the harder it will be to break into the $30s.


WTIC Oil, monthly'2, rainbow

Summary

*its late.. and I'm tired... so this will be brief.
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Suffice to say.. with Oil trading in an increasingly stable manner.. we have the first sign of a turn on the giant monthly cycle... via a blue candle.

As ever.. how we close the month is what matters. If we do close March with a blue candle (green, certainly is not viable)... it would offer initial confirmation that $43 was a key multi-year floor.

If that is the case... it has big implications for ALL energy sector stocks.. not least the Oil/gas drillers - notably.. RIG, SDRL, and DO, all of which have considerable upside potential across the next few years.
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Looking ahead

Wednesday has a great deal going on...

ADP jobs, PMI/ISM service sector data, EIA Oil report. Fed Beige book (2pm)

*there are no less than 3 fed officials on the loose, and Mr Market will be listening for any talk of interest rates.
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Goodnight from London