CLK10 – May Crude (Last:85.70)

Crude oil has made an 18-month high during the current session and appears bound for a Hidden Pivot at 88.71.  A large and accurate bounce off of the midpoint of the daily pattern shown in the chart lends credence to the target.  Traders should look for a way to get long with limited risk using hidden pivot analysis of the intraday charts.  A pullback beginning not far above the 85.43 January high might provide camouflage to buyers.  The “D” target can be shorted with a stop at 88.81.  Sell orders should be placed no higher than 88.69, for a minimum hypothetical risk of $120 per contract.  (Posted by Doug McLagan)