CLX24 – Nov Crude (Last:68.18)

Two days of hard selling pushed the November contract down to the green line (x=66.97), triggering a ‘mechanical’ buy (stop 64.41)  that should be good for a one-level ride, at least, to p=69.52.  With pump prices down at $3 or even lower, exchange quotes should start to firm, since that’s what they’ve done for years every time motorists got relief for a few weeks. Election-year tampering could suppress whatever rally is coming, however, along with extraordinary complacency in the face of possible war in the Middle East or Europe.