Crude oil is on a tear so far this week. It started with the March 28th bullish pin bar from the 58.20 support area. Fast forward to this week, and crude is trading up around 62.60. It’s been an impressive four-day rally to be sure. However, buyers haven’t had much of a test since climbing above 58.20. Sure, the 60.30 area capped the late March advance. But 60.30 pales in comparison to what lies above at 63.70/80. Let’s run through a few reasons why I like 63.70/80… 1) It’s the level that provided support for crude oil in June and August of last year. As we know, old support becomes new resistance. So the fact that ... (full story)