WTI Rally Continues Despite a Bearish/Neutral API Report, and is Approaching a Key Test

The first resistance target-test of the budding upmove off of yesterday's low at $35.24 is approaching fast-- in the vicinity of $38.00, which if hurdled and sustained, could trigger a sharp upside spike to $39.50-$40.00 in the upcoming hours.

At this juncture, only a failure to hurdle $38.00 followed by a decline that breaks $36.60 will indicate that a larger, wider basing period off of $35.24 will be required to propel Oil back to the $41.90 high.