Market Analysis for Aug 24th, 2005

Since last Thurs. pullback low at $62.75 (basis Oct. crude), oil prices have reversed with a vengeance, and nearly have recovered the entire correction from $67.75. My work argues that the upmove off of $62.75 represents a new upleg in the ongoing larger bull move in crude... which projects to a next target zone of $$68.50/90, and then to $70-$71. Only a break below $64.65 will compromise the still bullish technical picture. MJP 08/24/05 2:05 PM ET.. 1221.25 and $66.90/bbl.

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