March Crude (38.00)

9112The pattern shown in the chart has the kind of AB impulse leg we should like, slightly exceeding some look-to-the-left lows and using a well defined one-off ‘A’. It yields a target at 36.13, so I’ll recommend bottom-fishing at 36.14 with an initial stop-loss as tight as 8 cents. Switch to a 15-cent trading stop on a rally to 36.48 and use 36.77 as a minimum upside objective.