October Crude (99.63)

We’ve been using a Hidden Pivot support at 97.30 as a minimum downside target, but the longer-term forecast calls for much lower prices. (For starters, I’d projected a halving of quotes from their $148 highs.) At the moment, the October contract appears to have lost its grip on a midpoint support at 103.72. That will allow it to test conventional support from lows near 96.67 recorded in March, but when that level fails, look for a subsequent plunge to find its way down to at least 85.41.