Today's strength has popped oil to new recovery highs at $72, off of Monday's corrective low at $68.25. My work continues to warn me that the current upmove represents a new upleg that should retest the April high of $75.35 on the way to $77-$78. Only a sudden plunge that breaks $68.25 will damage the otherwise still-bullish intermediate-term outlook.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.