Oil Price Rebound Has Traders Paying Attention

Is the oil rebound real? Oil has been jumping over several near term time horizons, with crude futures up over 1% this afternoon with more than half the U.S. trading day in the rear view mirror today.

It is the longer-term patterns, however, that are more interesting. Particularly on a multi-month basis from the point oil rebounded on February 10, 2016, when crude futures double bottomed near $26 per barrel – one day before the stock market bottomed. But even still, many of the mid-term algorithmic trading system models have not been given a buy signal yet – but the price momentum is turning heads and trigger models are readying.