$CLQ26 – August Crude (Last:82.49)

Although buyers did not quite impale the midpoint Hidden Pivot at 79.37 on first contact, they broke free of its gravitational pull with sufficient force on Friday to all but ensure more upside to at least p2=85.53, or more likely to the d target at 91.69. Traders, and even the hacks who invent ‘the news,’ have learned by now to tune out any suggestion emanating from on high that crude oil markets will return to normal any time soon. The August contract will offer an enticing short at the target, but it should be traded from the long side until the target is reached. Does that imply some breakthrough in the war is at hand? We may have an answer before August.

Leave a Comment