Battle Lines Drawn In Crude Oil

September Crude Oil climbed over 20% from its 6/28/23 low at 66.98 to yesterday's multi-month high at 82.00, which to a technically-oriented eye, has the right look of an upleg that completed an 8-1/2 month base-accumulation period and pattern in the aftermath of a prolonged bear phase from the March 2022 high at 119.10. 

If September Crude manages to claw its way above resistance at 83.50-84.00, then technically oriented "eyes" will have to entertain a VERY bullish scenario that has upside follow-through targets in the vicinity of 96.50 and possibly 104 in the weeks and months ahead.

The battle lines have been drawn: higher prices that penetrate and sustain above 83.50-84.00 will trigger much higher Crude targets on an intermediate-term time horizon, while a bout of weakness that breaks and sustains beneath the dominant post-6/28/23 up trendline, now in the vicinity of 79.00, will inflict some damage to the otherwise powerful base-accumulation pattern, and at the very least, delay upside continuation...

Bottom Line: The Bull v. Bear battle in the Crude Oil market for the time being is represented by 79.00/50 on the low side versus 83.50-84.00 on the high side... Last is