The crude oil market in the West Texas intermediate grade has fallen a bit during the course of the week to test what I see as a symmetrical triangle, only to turn around and bounce again. Ultimately, I think the market looks very range bound with a bit of synchronicity at the $80 level between bears and bulls, and therefore I think that is your magnet for price.
Typically speaking, crude oil tends to be a little bit more positive during the summertime, so this does make a certain amount of sense that we continue to bounce towards there. However, even if the triangle gets broken, it would not surprise me at all to see this market bounce around between $75 on the bottom, and $85 on the top. Crude oil likes to sit in $10 increments, and that just looks like what we’re doing right now.
