Crude has rallied nearly 8% in the last week, but I see no evidence on the daily chart that the surge is likely to continue. Rather, we find dueling impulse legs and therefore the likelihood that quotes are going to bog down in the 65-75 range for a while. The picture would turn very bullish, however, if a thrust were to breach the two look-to-the-left peaks shown in the chart. The higher lies at 79.03.
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