Crude oil turned up sharply off of $36.66, higher than my expectation of a deeper pullback into the $36.20-$35.50 lower buy zone.
That said, oil is pointing toward a retest of its December 24 recovery-rally high at $38.28, which, if hurdled, will morph the entire December price action into a bottom-like accumulation pattern with an initial upside projection to the $41.00 area.
At this point, only a sharp downside reversal that breaks $36.66 will compromise the developing set up.