OIL has had a wide $9 trading range over the past 2 weeks and has visited (on an intraweek basis) both levels of important weekly close support and resistance at 66.09 and at 74.34 (high and low for the past 2 weeks has been 65.21 and 74.23). Oil did close near the high of the week, suggesting further upside above last week’s high at 74.23 will be seen this week. In addition, the 12% appreciation in price seen in the past 9 days is indicative of the bulls having more strength than the bears at this time. Having said that, this coming week is highly pivotal for the short-term. There is minor (but possibly short-term indicative) resistance on the daily closing chart at 74.01 (closed on Friday at 73.95). Further and more pivotal daily close resistance is found at 74.97, that if broken would suggest this last correction is not only over but that the low seen at 65.21 is now major pivotal support and that the uptrend up to the $80 has likely resumed. By the same token, a red close on Monday would begin to weaken the chart and a red weekly close next Friday would be a decent negative. Any daily close below 72.20 would now shift the edge back to the bears and any weekly close below 71.81 would suggest that the $65 level of support will be revisited. Probabilities slightly favor the bulls but the fact Oil broke a very pivotal weekly close resistance at 74.34 a few weeks ago and then failed to follow through (and dropped to $65) does suggest that the bulls do not have as much strength as previously thought. As such, this is the reason this week is so pivotal.