The hourly chart of August West Texas crude oil above shows the short term boxes for the trend up from the May 20 low. The market has just hit the 1/2 point of a box at 61.00 but on past form I would expect it to go a bit above this level before reacting. In any case the 61.00 to 61.50 zone should prove to be strong short term resistance and a break of at least 1/2 a box from there is my expectation.
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