The second of three Kings of Commodities, Crude Oil (the first being Cash Corn), still looks to be in a major uptrend on its monthly close-only chart. The market closed November at $45.34, up $9.55 for the month. Much of the support continues to come from commercial buying, as indicated by the spot futures spread cutting its contango (New York word for carry) from 36 cents in late October to 15 cents in late November. And while I think the market could make a run at the next target of $46.50, a price marking the 50% retracement level of the previous downtrend from $74.15 (June 2018) through the low of $18.84 (April 2020), it would also not be out of the question (technically speaking) for the market to see a Wave 4 selloff within its 5-wave uptrend pattern. If so, initial support would be pegged at the Wave 1 peak of $42.61 (August 2020). Note monthly stochastics are holding just below the overbought level of 80%, not yet in position for a bearish crossover. The last time one of these signals for a downturn was established was at the end of July 2018, the moth after the market posted its high monthly close.