CLU23 – September Crude (Last:77.07)

Crude’s tiresome game of tiddlywinks tripped a ‘mechanical’ short two weeks ago when the September contract rallied to the green line (x=76.86).  A portion of any multi-contract position would have been covered ahead of last week’s rally, although there was no indication of any interest in the trade in the chat room. Trade possibilities aside, the implicit assumption of my analysis is that this is yet another rally that lacks the gumption to push above the bearish pattern’s ‘C’ high at 83.59.