The world and its 8.3 billion inhabitants could get a breather if crude oil prices pull back significantly from the 105.23 target shown. There doesn’t seem to be anything on the geopolitical horizon to make this happen, least of all Trump’s interventions, and that’s why it’s got a chance. The pattern is far too obvious to offer a reliable place to get short, although it will still be possible, as always, to short a topping process successfully — and profitably even if we’ve guessed wrong about a top. Be aware, however, that a decisive pop through 105.23, especially followed by a two-day close above it, would indicate more upside to at least 111.41.
$CLX26 – November Crude (Last:103.27)