Crude has had a very nice recovery off its recent low set in
mid-March with a steady climb of nearly $20 since that time. The push
through the declining 50 day moving average was the first real clue that
the complexion of this market had changed in late March with the
deciding factor being the second thrust back up through it once more in
early April. That cemented the low near $43 as a solid bottom in the
market.
Since that time, the market has ground higher not in a sharp push but
in a steady, relentless fashion indicating what can best be described
as an “a reluctant abandonment of bearish sentiment” among the
speculative crowd.
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