If crude is going to get traction, it needs to happen now, since the August contract has created its first promising impulse leg on the hourly chart in more than two weeks. The immediate target is 70.85, and although the futures have already exceeded the 69.45 midpoint sibling of the target, they were threatening to dive below ‘C’ on the hourly chart, negating the bullish outlook for the very near-term.
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