Friday’s highs somewhat exceeded the 35.635 target we’d been using, which is bullish. More bullish still is the fact that price action since appears to be a consolidation above the wraith-like supply zone highlighted in the accompanying chart. It is the last distinctive pocket of supply between current levels and the low $40s, and because it has already been penetrated impulsively, bulls now should be viewed as owning the intermediate-term (i.e., four to six weeks) outlook.
