I view crude oil as being in a topping pattern from which it will eventually fall back toward lows near $32 recorded in January. This could take the better part of a year, or perhaps even longer, but the futures can certainly be traded along the way (and no matter which way they move). For starters, Friday’s bottom came within 11 cents of a Hidden Pivot target I’d flagged when the futures were trading nearly $2 higher. Some traders alluded to this target in the chat room last week, but I will establish a tracking position only if I get at least two reports from subscribers who got long there and who remained long at the close. I’d also be interested in hearing from anyone who may have used the target to get short from higher levels, since it would have worked nicely for that purpose as well.
