CLZ23 – December Crude (Last:88.08)

We’ve been using a 117 target to discount the horrific geopolitical climate, but for trading purposes let’s focus on the 98.69 target of the pattern shown. It is affirmed by September’s powerful thrust past the 80.85 midpoint resistance, but also by the difficulty crude has presented for anyone wanting to get long, even by way of last week’s all-too-fleeting dip to a ‘mechanical’ buying trigger at p=80.85. Gasoline prices dipped as well, but they will be headed higher soon if December Crude is in fact on its way to at least 98.69.