$CLM26 – June Crude (Last:94.40)

The potentially important low I signaled a week ago caught the exact bottom of a powerful, $20 rally. It came within 11 cents of the 98.50 target for the June contract, then receded by nearly $6 to finish the week. Are bulls depleted? We may know soon, since, with moderate selling to start the new week, the retracement will test the 89.41 midpoint Hidden Pivot support of a reverse pattern on the daily chart (a= 96.93 on 4/13). It should hold if Crude is going to challenge the spike high at 104.34 recorded on March 9.  Otherwise, a decisive breach of p would open a path down to at least 80.43.  This analysis should prove as accurate as the one proffered last week, since the patterns on the chart are equally compelling.

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