The crude oil futures sliced through our midpoint pivot and formed a new bearish pattern to go with the one we have been watching. Yesterday’s ‘D’ target of 93.46 remains an attractive buy level, and the new pattern gives us another well-hidden pivot at 94.05 to consider. The new midpoint of 94.86 has not been surpassed yet, but the futures have come within five cents of it more than once. The lower ‘D’ target looks like a less risky place for an order-pair entered ahead of time. Stops should be no higher than 93.39. Traders inclined to buy the 94.05 target should probably not have orders entered beforehand and should watch the action for signs of a reversal before buying. (Posted by Doug “harry” McLagan)
