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Crude Oil Continues to Push Up and Away from its June-August Resistance Line at $46.00


Crude Oil continues to grind higher after climbing above its former Jun-Aug down trendline in the vicinity of $46.00.

Yesterday's early weakness to $45.84 in reaction to Tuesday evening's API Report was short-lived, and increasingly looks like an upside pivot into a new upleg that points to a $48.00 next, in route to a retest of the June high at $51.67.

At this juncture, only a decline that breaks $45.85/80 will indicate that the Aug upleg is complete, and that a significant correction is in progress.

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