Day two of February sees oil prices again higher in the premarket and at an important mid-week juncture. Price is at the upper extreme of intermediate term balance, trading just below the prior swing high (which also occurred before US cash markets opened).
After making strong progress to start the week, it will be interesting to see if the recurring sell force so prevalent in this commodity takes this opportunity to mean-revert this asset, or if instead buyers can build acceptance (read time and volume) up in the region.
The third scenario would be an extension leg up above to target the NVPOC at 52.60. You can see what I am observing below:
