Like so many other trading vehicles, including index futures and ETFs, April Crude has a compelling rally target that lies within an inch of mid-January’s highs. The precise number in this case, a Hidden Pivot at 84.74, would fail by a hair to surpass January’s 84.96 high. (The comparable target for the DJIA and the Diamonds, however, would slightly exceed the January high.) Clearly, this is a crucial juncture for many of the issues we trade and/or monitor. And while it is hard to imagine the targets will not be reached, it is by no means a foregone conclusion that they will be decisively exceeded. All in all, it is probably a good day to lie low and spectate for a change.
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