NYMEX:CL1! Light Crude Oil Futures
I think this Wykhoff view on Crude Point and Figure Chart is quite striking. As long as we stay with LPS above PS, we should prepare to see prices above 130 within reasonable time.
In fact is the P&F Chart telling... But also be aware that shale is just a temporary dream by a few in US. You pump something in the earth to get something out of the earth. <so a wise man would ask what do you pump into the earth and what is the ratio. It is not yet allowed to ask what they pump in since we don't have that many cancer death's as we would need to be allowed... but since it is connected to earth quakes the USGS had to investigate and you should be able to calculate the ratio of how much water you need to get one barrel out...