Lower Inventory Build, A Weaker Dollar, and Expectations The Fed Will Remain Dovish, Combine to Send Crude Oil Higher

Below is what we discussed one week ago-- about the big picture of nearby Crude Oil, which at the time was trading at $56.65.

As we speak, Crude Oil is accelerating out of its sideways, but upward-leaning congestion area, towards my next target zone of $60.00-$62.00, on way to $66.00-$68.00.

Only a decline that breaks back beneath 56.00 will indicate that the current thrust has been aborted. MJP 4/29/15

Today represents the 6th session of sideways price action just above key, upside-breakout support at $54.50.

My pattern work argues strongly for the resumption of strength in the upcoming hours-- up and away from the support plateau-- into new-recovery high ground that projects to the $62.00 area next.

The fact that oil is rallying after this morning's inventory report (a build, within a well-supplied market) is very constructive technically, and suggests that the oil market "wants to move higher," and is discounting a fundamental condition that is less over-supplied going out to the end of 2015 into 2016. MJP 4/22/15