Current Oil Market Update
In the last update over a month ago it was stated that it was too early for oil to stage a sustainable rally, and that it would retreat, either to continue marking out a base pattern or drop to new lows. In the event it did both Ė it dropped to marginal new lows before recovering and rallying, so that we now have a potential W pattern base on the chart. This new update has been prompted for a different reason, however, because there has been a sudden quite dramatic improvement in oilís COT structure over the past week or two.
Posted at 4.30 pm EDT on 29th March 15.