I’m short somewhere in here, and I’m tracking it with bemusement. Notice the head and shoulders pattern; it is bearish.
I am convinced the price is going to 98 dollars per barrel, which is the 38.2 retracement on the Fibonacci chart that runs from the August 23, 2010 low to the May 2, 2011 high of 114.83. The second Fibonacci retracement from the February 27th, 2012 highs to the 6/25/2012 low indicates that 98 is the 61.8 retracement.
Traders make lovely patterns and send signals to each other. For those with ears to hear, they ring like the celestial spheres.