Crude’s gains toward the end of the week were impressive, but buyers looked winded when the clock ran out on them. Regardless, we should view the 99.85 rally target shown in the chart as a minimum upside projection for the near term. The pattern has already produced a $5200 ‘mechanical’ winner on four contracts bought at the red line and would signal an equally promising trade if the futures were to swoon to the green line (95.89). ______ UPDATE (Jul 19, 6:50 p.m.): I’ve opened a larger ‘reverse pattern’ with a 110.78 target, since the D targets of smaller ones have gotten vaporized these last few days. Monday’s impalement of p=100.67 implies a strong likelihood the D will be reached. A swoon to X would trigger a very attractive ‘mechanical’ buy, stop 90.55. ______ UPDATE (Jul 21, 11:14 p.m.): Here’s a chart for the September futures, with D=108.25. A pullback to x=93.24 would trigger an enticing ‘mechanical’ buy.
CLQ22 – August Crude (Last:102.61)
