December Crude’s 99.60 rally target (see inset) looks like a lock-up to me — a pity, perhaps, since prices at the pump have been uncharacteristically soft recently but are bound to surge with a vengeance when the headlines shriek yet once more about $100-a-barrel oil. Hawk-eyed Pivoteers might notice in the chart that although the rally has proceeded with little trepidation, there were numerous instances where impulsive thrusts followed the creation of second point ‘C’ lows. To leverage this propensity, I’d suggest attempting entry on each second ‘x’ entry signal generated on the hourly chart. This is a tactic I’ve never recommended before, at least not in the context of a trading tout, but it would appear to suit the behavior of this predictable but always-nasty vehicle.
