Crude oil bounced off of a midpoint pivot that we noted here yesterday and now has some fresh downside targets to go with the ones that we’ve been watching. The spiky trading of the last three weeks has given us a pattern- and target-rich chart, and a new pattern was confirmed on Tuesday with a midpoint at 105.94 and a sibling “D” target at 104.53. Both of these pivots look buyable. Still active are downside targets of 105.10 and 102.00. Traders who shorted our 107.30 pivot yesterday with more than a five-tick stop were rewarded. That midpoint’s sibling “D” target at 109.23 is still active, but the futures do not seem to want to go there at the moment; it would be cancelled by a print at 105.38. (Posted by Doug “harry” McLagan)
