There are several bullish patterns of different degree driving July Crude at the moment, but I’d suggest using the one shown, with a 51.39 target, to produce a short-term projection. A rally to that number would become an odds-on bet if the futures can close for two consecutive days above the red line, a Hidden Pivot midpoint resistance at 47.52. To get long ‘mechanically’ you can us any of the three HP levels — x, p or p2 — provided the entry set-up meets our criteria. Generally speaking, the level must be exceeded decisively for three consecutive bars before you can buy a pullback to it. The stop-loss should be equal to a third of what you stand to gain if the target is reached. _______ UPDATE (May 15, 6:20 p.m.): Friday’s tedious oscillations were technically meaningless and left my forecast and guidance for this trading vehicle unchanged.
