Crude Oil Continues To Push Up And Away
Mike Paulenoff | Aug 19, 2016 01:00AM ET
Crude oil continues to grind higher after climbing above its former Jun-Aug down trendline in the vicinity of $46.00.
Wednesday's early weakness to $45.84 in reaction to Tuesday evening's API Report was short-lived, and increasingly looks like an upside pivot into a new upleg that points to a $48.00 next, in route to a retest of the June high at $51.67.
At this juncture, only a decline that breaks $45.85/80 will indicate that the August upleg is complete, and that a significant correction is in progress.
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