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Crude Oil’s Key Levels

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I guess the whole Greek nonsense has been put on hold (again) until Saturday, just so the angst, tension, and uncertainty can persist. The situation has long passed the point of tragicomedy.

So let us turn our attention instead to crude oil, which ended its firm, steady push lower early this year. Since then, it has been sputtering into a tighter and tighter range. I am, naturally, wanting it to break lower, but there are two levels needed for that: first, the front month needs to slice below the $59.19 level, tinted below in yellow. If it can manage that, the failure of the symmetric triangle (approximately where that red circle is) would be just what the doctor ordered for the downfall to resume.