Since gas at the pump seems primed to surge above $3.00 before the summer driving season even begins, I thought it might be a good time to check some NYMEX charts to see whether they concur. In fact, June Crude is hovering near an important price target at 68.76, having spiked to a 68.09 top earlier in the week. My hunch is that if it blows past the higher number – meaning, exceeds it by more than 30-40 cents -- it will be signaling significantly higher prices over the near to intermediate term. This is by no means a foregone conclusion, and it is still possible that Tuesday’s parabolic surge will prove to have been the last gasp of the 2007 bull.

Prices at the pump have risen fairly sharply in recent weeks and are currently averaging around $2.67 for a gallon of regular. But that could seem like a relative bargain if the price of crude is indeed headed above $70.  (The record, unadjusted for inflation, was $78.40 a barrel last July).

The chart above shows the uptrend that has given us the 68.76 target, a Hidden Pivot. If it were to be breached, there is just one more such pivot that could stop a surge to new record highs: 72.38. But the lower number is where the real battle is likely to occur, and my strong hunch is that if it gives way, RV road-trippers, along with the rest of us, are going to be cursing the refiners from the Fourth of July till Labor Day and beyond.