WTI
The high of 147 for WTI was achieved on July 7 2008 of course, and the rest of that month was kinda tough ( down $37), but August 2008 was relatively stable. There is a seasonal high that hits in late August.
click to enlarge
The countervailing argument IS that, as we know, July can see big downside, and these charts just don't look anything but bad -an overlong, choppy corrective rally following a major primary 5 waves down, clearly rolling over with a Head and Shoulders set up, MACD crossing over, and not even being close to being oversold.
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