CLZ09 – December Crude (Last:79.12)

With December Crude trading for around 72 as the week began, I’d said the futures would be bound for $80 a barrel if they got past 74.81. To get down to specifics, there are two Hidden Pivot targets you can use for the near term:  80.21, as a minimum upside projection; and, if it is exceeded on a closing basis, 83.79.  With pump prices relatively stable these days, crude has been out of the spotlight. Once it hits $80, though, you can be sure it will be back in the headlines. _______ UPDATE (8:45 a.m.):  December Crude has topped this morning within 19 cents of the 80.21 target. If you shorted the top on your own initiative, I suggest covering half the position at these levels and using an 80.06 stop-loss.  If and when the pullback hits 78.97, you should switch to a 0.60-cent trailing stop, using 77.20 as an objective.