For a vehicle that appeared bound for $100, June Crude came in for quite a drubbing last week. The decisive down-move through p=79.94 on first contact implies the selling will likely hit 72.91 before bulls can turn things around. That would diminish the odds of an eventual move to par, especially if D is easily breached. Alternatively, the most bullish event I could foresee would be a sharp turn from p2=76.43. If that happens and the futures go on to exceed the April 26 peak at 84.46, that would all but clinch a follow-through to $100.
CLM24 – June Crude (Last:78.11)