CLN09 – July Crude (Last:67.91)

The 68.05 target broached here yesterday was tradable, although not with a stop-loss as tight as the 21-cent out I’d advised. The target more or less contained the move for most of the day, but the futures were bounding higher at the bell, threatening to ring shorts’ necks yet again on Tuesday. If so, buyers are likely to face at least some resistance in the form of a minor Hidden Pivot resistance at 69.38 (see chart).  It looks too delicate to use for shorting, but if it shows no stopping power whatsoever, that would strongly suggest crude is going to make $70 easily on this run.