Crude oil is accelerating out of its sideways, but upward-leaning congestion area, toward my next target zone of $60-$62, on its way to $66-$68.
Only a decline that breaks back beneath 56 will indicate that the current thrust has been aborted.
Tuesday was the 6th session of sideways price action just above key, upside-breakout support at $54.50.
My pattern work argues strongly for the resumption of strength in the upcoming hours (as of mid-day Tuesday) -- up and away from the support plateau -- into new-recovery high ground that projects to the $62 area next.
The fact that oil is rallying after Tuesday morning's inventory report (a build, within a well-supplied market) is very constructive technically, and suggests that the oil market "wants to move higher" and is discounting a fundamental condition that is less over-supplied going out to the end of 2015 into 2016.
