The Nymex crude oil futures market remains in a solid uptrend as prices are moving in on new highs for the year. There is no doubt the bulls are in firm near-term technical control. However, there is strong psychological resistance that lies just overhead–around the $60.00 level. It’s my bias that crude prices will challenge the $60.00 level and may even poke above it. However, it is doubtful crude oil prices can hold above $60.00 for very long. There are just too many bearish supply and demand fundamentals at work to keep crude prices above that key lelvel. Stay tuned!–Jim
