Oil Remains Buoyant Despite Conflicting Inventory Reports...

The EIA Inventory data showed a larger than expected draw-down in weekly Crude and Gasoline Inventories-- negating the mildly negative impact of the API Figures reported last evening.

Oil reacted by lifting from $45.84 to a marginal new Aug rally high at $46.79 so far.

Let's notice that the action in Oil shows a test of the upper portion of my preferred pullback-support zone at $46.00 to $44.70, followed by a thrust to a marginal new high.

The action has the form of the start of a new upleg-- as long as $45.84 contains any forthcoming weakness.

If that proves to be the case, then Oil has started its trek to $48 next.