On Monday crude oil took a shot at our 105.10 midpoint pivot without quite getting there, and it might now be aiming back up toward a new pair of targets at 107.30 and 109.23. The rally out of yesterday’s 105.35 low confirmed the new bullish pattern, whose pivots are well hidden. The larger bearish pattern noted yesterday will remain active so long as its “C” point of 108.20 is not revisited. Both patterns are displayed on the attached chart, and they give traders a range of key levels to watch and possibly to trade. The 107.30 midpoint is nearby but some of the other pivots might come into play if there is a strong move after the FOMC announcement this afternoon. (Posted by Doug “harry” McLagan)
