With minor resistance just overhead around 38 – 38.30, CL (crude oil futures) could reverse soon & form a RS of a H&S topping pattern. Still some work to be done so just something which I’m monitoring for now. Here’s the updated 120-minute chart of CL along with the 120-minute chart posted on Friday, highlighting the two most probably scenarios: 1) A breakdown of the rising wedge (check) followed by a reversal off the top of the target zone (check) or a continued move to the bottom of the zone before a reverse (which didn’t occur as the top of the zone has already produced a meaningful reaction).

For those that do not have a charting platform with the ability to view futures contracts, real-time charts of crude futures, as well as just about any other commodity or index futures, can be accessed from the Futures Charts link located under the Tools of the Trade widget located on the right-hand sidebar of the homepage or just click here to access those charts. To access crude futures, click on “Majors” at the top left of the chart. Crude futures are located towards the bottom of the menu which will appear.