1pm update - Oil continuing to recover

Whilst US equity indexes remain in nano chop mode, there continues to be a very notable recovery from opening lows in Oil.. currently -0.5%. Even a close at current levels would bode strongly bullish for Friday.. and into early December.


USO'daily2

Summary

Current daily candle is a hollow-red candle... a clear reversal.

Underlying MACD (blue bar histogram) cycle is set to see a bullish cross this Friday... and Oil prices look set to at least test the 50dma.. in the WTIC $45s.

.. and that bodes well for the related energy stocks.

APC, daily

Frankly.. the $57s look like a super strong floor... the $70s are not a bold target by mid/late January. Clearly though, Oil has to hold $40.... and preferably.. make another push into the upper 40s.

--
VIX update from a somewhat late... Mr T.



--
back at 2pm :)