The most interesting chart right now in the wee hours is crude oil, which is showing even more strength than the yet-another-lifetime-high S&P equity index. Of special interest to me is the neckline that I’ve tinted. If that line contains prices and behaves as resistance, my target price for crude oil is the dark line you see way below at about $40.50. So far, this is a squeaky-clean intermediate topping pattern, but that line has to do its job.
