U.S. Light Crude Oil Futures ($71.76 U.S.)

Light Crude Oil Futures exceeded my $70 upside target, and it now looks to me like we're busy building an intermediate term top below $75. I'm revising my intermediate term downside range from $55 - 60 to $60 - 65.

The move above $70 resistance put an end to any speculation that we might be building a longer term top here. As a result of the $70 breakout, I must assume that we are now correcting in a continuing strong long term uptrend.