After another weekly build in Oil Inventories, reported this morning, Oil has pressed lower off of yesterday's recovery high at $37.88 to $35.85 so far today.

As mentioned in yesterday's chart post, the pattern carved out off of the Dec 14 multi-year low at $34.53, exhibited unimpressive counter-trend form, which suggested strongly that another loop down to revisit the $34.53 low was more likely than a challenge of key resistance at $39.00-$40.00.

Such a scenario appears to be unfolding, which my pattern work indicates is the emergence of a sideways, range-bound bearish digestion zone between $37.75 and $34.75... ahead of another downleg (the final plunge?) that will project to $30.00 - $29.00 ahead of the elusive counter trend rally to $40.00.

Mid Day Minute

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