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Despite The Street's Increasingly Bearish Fundamental Analysis, Crude Oil Remains Surprisingly Buoyant

Since my first post today around 7:30 AM ET (see below), Oil has jumped from $52.45 to $53.55, but, more importantly, the price structure has pivoted off of the area of its significant Nov- Jan up trendline in the vicinity of $52.50-- above micro resistance at $52.80, and up to $53.55, in what has the right look of the start of a new upleg that again will challenge multiple rally peaks between $53.50 and $54.08, which, if hurdled and sustained, will point Oil to $56 next. MJP 1/31/17

After failing to follow through to the upside above $53.50/55 resistance last Friday, Oil has pulled back right to a test of the Nov-Jan support line in the vicinity of $52.50, which, for now, has contained the selling pressure, and has averted potential technical damage that could precipitate further weakness into more significant support at $51.00 - $50.70.

A climb above $52.80 is needed to indicate that Oil has held the key support line, and has completed another "minor" correction off of the most recent rally peak at $54.08. MJP 1/31/17

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