OPEC is hoping to push crude back up to $75 by reducing supply, but there’s little technical evidence that traders are taking the threat seriously. Notice in the accompanying chart how last Monday’s seemingly impressive thrust failed to surpass the modest “look-to-the-left” peaks recorded a few days earlier. This suggests a lack of boldness on the part of buyers. Although they finally managed the feat on Friday via a second attempt, that clears a path over the near term to no higher than 57.11. However, nothing less than 61.01 will turn the hourly chart persuasively bullish.