Crude oil is retreating from an area of significant resistance and might have made an important high on Wednesday. That high of 94.72 was only ten cents above the midpoint of a large pattern which began at the major June 28 low, as shown on the attached chart. Alternate ‘A’ points for the pattern yield ‘D’ targets of 95.49 and 96.04, not far above this week’s high, so if the oil price heads back up above that level, it might not get very far. If it does have the strength to overcome those two pivots, it will be aiming for the ‘D’ target of the large pattern, at 102.39. (Posted by Doug “harry” McLagan)
