A robust pattern on the daily chart points downward to a midpoint pivot at 71.42, and to a D target of 67.15 which would be a seven-month low. These targets are active so long as 75.69 is not touched or exceeded to the upside. Traders attempting to buy the midpoint should be mindful of the prior low of 71.32 when positioning stops. ______ UPDATE (12:34 p.m. EST): Oil has rallied powerfully and negated our targets.
