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NYMEX Oil Approaching a Test of Critical and Consequential Support Once Again

While my nearer-term outlook identifies $48.00 as the line in the sand that separates potential downside acceleration to revisit the March low at $42.03 from another recovery upleg to retest and hurdled the May high at $63.62, let’s notice that recent/current weakness is heading for another probe of NYMEX Crude’s long-term (Dec 1998) support line, now cutting across the price axis in the vicinity of $46.50.

The first breach of the mega-support line occurred in March at $45,75, and although Oil pressed nearly 10% beneath the line, it reversed back above the support line within 48 hours.

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