CLQ11 – August Crude (Last:94.33)

August Crude (CLQ11) price chart with targetsThe somewhat unintuitive pattern shown in the chart projects to 91.08, but it becomes more compelling if you extend an imaginary downtrend as I have here. The 93.51 midpoint looks like a good place to try bottom-fishing, although using camouflage is strongly suggested because of the close proximity of the July 1 low at 93.45.  _______ UPDATE (11:50 a.m. EDT): The futures dipped to an overnight low of 93.55, four ticks from the hidden support noted above. If you used camouflage to get long, entry would have come at exactly 93.79, signaled at 4:10 a.m. on the one-minute or tick chart. This gambit exceeded its ‘D’ target by 11 cents, providing a partial profit and cushion for the bumpy ride higher that remained.