Because the recent low at 65.55 was as low as could have been projected using the intraday charts, we should assume that the struggle of the last few days is an earnest attempt to gain traction. The fact that the December contract has popped above 69.31 implies that the effort may not be in vain, since it created a bullish impulse leg on the hourly chart. However, it will take at least 74.81 to suggest that bulls have set their sights on $80.
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