Last week’s thrust above an important midpoint Hidden Pivot resistance at 80.61 was a menacing sign, since prices at the pump were already in a steep climb since dipping very briefly below $3 a gallon in some states just weeks ago. I bought 93 octane as cheap as $2.89 within the last two weeks in North Carolina but was surprised to pay $3.99 in a South Florida Costco this morning. If Friday’s close for September crude above 80.61 portends more upside to D=98.82, we will likely see $5 gas. Taxifornia has already experienced much higher prices than that, but it would be unfamiliar to motorists in the East outside of New York and some other blue states that have increasingly been penalizing gas-fueled vehicles.
CLU23 – September Crude (Last:82.82)
Posted on August 6, 2023, 5:19 pm EDT
Last Updated August 9, 2023, 7:14 am EDT
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August 7, 2023, 10:09 pm
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August 8, 2023, 3:31 pm
I have often wondered about different data prices, (from different sources) which ought not to be.
As recently as Monday, I was watching Crude oil prices, which had a large range that day. The last price was about 81.94 & then I soon noticed the settlement price was bumped to 82.82. Was that because several orders were executed at the close? There is not a specialist doing that or did not used to be as far as I know.
Thanks, Dean Ezell
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August 8, 2023, 3:31 pm
Thanks for sharing your charts with me – I enjoy them.
This one grabbed my attention; you can easily notice that in the above Crude Oil chart that you used 62.41 as a bottom (pivot), but that bottom is not at the bottom of the price bar for that day (week). That led me to look for
the price range for that bar, which I found to be 64.21 (not 62.40).
I thought that was the end until I also noticed a difference for the starting bottom pivot back in November 29, 2021 (point A @ 58.69) to June 13, 2022 (point B @) 96.71) – a difference of 38.02; whereas you had difference of 36.42 . That creates a point D @ 102.23 (with much disdain) and a center pivot @ 83.22, which was broken yesterday @ 83.24 and again today @ 83.30 . I hope that this turkey rolls over the hillside. (I used Barchart data.)
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I was unable to find any of your coordinates on Tradestation, Dean, but the pattern is problematical in any case for lack of a decent ‘A’ low (i.e, one that is commensurate with the massive B-C correction). On reconsideration, using daily bars, my money would be on p=84.66 as the most logical place for the September contract’s rally to die. (The related D is 105.10, with A=55.62 on August 20, 2021.) RA