As I mentioned in my latest Weekly Column, the spot-month crude oil contract flirted with establishing a bearish key reversal during July. Late in the month in needed only a close below the June settlement of $73.47 to complete the pattern, sitting at $72.39 this past Wednesday. However, when Friday came to a close the spot-month contract closed the month at $73.95, up $0.48 for the month, and rather than confirming a new major (long-term) downtrend it posted a bullish outside month suggesting it could continue to push higher. However, it should be noted monthly stochastics did establish a bearish crossover above 90%, a signal the major trend is set to turn down in the not too distant future. Given the market’s forward curve is inverted as far out as one wants to look, bullish fundamentals mean it could be a while before a major reversal pattern is completed.