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NYMEX Crude Oil Relatively Strong Despite More Than Expected Inventory Increase...


Below is what we discussed just prior to this morning's Inventory Report, and even though the report showed slightly more crude supply than expected, the initial knee-jerk reaction to the downside was absorbed well by the market.

Crude prices have pushed higher since the down-spike to $44.61-- to nearly $46.00, as the price structure challenges key resistance at $46.00/40.

My near- and intermediate-term pattern work indicate strongly that Crude should thrust above resistance into a new, powerful recovery upleg-extension off of the Aug low at $37.75. MJP 9/10/15

T-Minus 5 minutes until the next weekly Oil-Inventory Data, and we see Crude pushing up against initial key resistance at $45.60-$46.20, which if hurdled, and sustained, should trigger upside continuation to $47.00 in route to a revisit of the Aug high at $49.33.

Only a decline that breaks $43.40/20 will wreck the otherwise constructive near-term technical set-up. MJP 9/10/15

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