Yesterday afternoon I was observing a 2-hour timeframe chart for WTI Crude Oil’s July-2015 contract. Yesterday’s price action confirmed that the bulls are clearly back in control as this energy commodity made a second bullish price breakout after a minor pullback. So now the question I ponder is for how long? And the answer depends upon how it handles its next resistance or support tests. I currently anticipate resistance @ $61.80 to $62.00 to $62.60 and support @ $60.09 to $60.30.

Today’s EIA Petroleum Status Report, in which analysts are predicting a drawdown of -1.7mm barrels in crude oil inventory supplies, should give the markets just the catalyst it needs for either direction. However, don’t count on an automatic reaction when the data is released. Last week’s drawdown @ -2.8mm barrels was much more than expected and the market took until the next day to process what this news as bullish for oil prices.

Keep this one on the radar and stay Hillbent for the Market Direction…