Oil Continues to Ratchet Higher

Below is what we discussed earlier this morning, when Oil was trading at $63.29.

Since then, Oil has climbed to $53.97, and in the process, has taken out its prior rally peak at $53.79.... MJP 12/27/16

Crude Oil continues to crawl higher after the holiday, conspicuously preserving the uptrend off of its Nov 29 low ($44.82).

The trendline cuts across the price axis this morning in the vicinity of $52.70, but the underlying series of higher-lows indicates that a break of $52.30 is required to inflict initial damage to the dominant uptrend.

Conversely, the dominant uptrend pattern is putting upward pressure on the Dec resistance line, now at $53.45, which, if penetrated, will position Oil for upside continuation and acceleration towards a test of the Dec high at $54.51-- in route to my next immediate target of $56.00.