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. ______ UPDATE (Nov 1): The futures stalled on Friday precisely at the 105.23 ‘secondary’ Hidden Pivot noted above. If they push decisively above it, and especially if they close above it for two consecutive days, that would augur a further run-up to at least 111.41, the target flagged above.
CLZ26 – December Crude (Last:103.27)
