NYMEX Oil Remains Firm Above $43.50 Support Despite Intense Price Volatility

Another view of nearby NYMEX Oil, which argues that all of the action off of the April 29 high at $46.78 represents a high-level, bullish-congestion zone above the March-April $43.50-$44.00 upside breakout plateau, which when complete, should resolve itself in a thrust to the upside that projects next to $47.50.

Only a bout of weakness that breaks $43.50/20 will compromise the developing pattern.