Crude’s rallies have failed so reliably at p that I’ve stretched the pattern a bit to provide some upside targets if it should break loose this time. More likely is that the January contract will hit p, noodle around for a few days, then resumes the weakness that has characterized this commodity since July. A retracement to the green line would not necessarily beckon a ‘mechanical’ buy. If this vehicle mildly surprises by continuing higher, I would still expect price action over the next few months to fall within the range $68-$75.  Of course, that is barring a geopolitical shock that would push quotes to $80 or higher. ______  UPDATE (Nov 29): The futures performed even worse last week than my dismal forecast had anticipated: first by failing by 46 cents to reach the red line (p=71.97), and then by staying aloft for barely more than a day at the top of the rally. Let’s embrace the good news: 1) the sleazeballs who rig the oil markets had little buoyancy to work with, and 2) gas prices will be coming from lower lows the next time the bad guys goose quotes on the flimsiest pretext.