Topic: Where next for Crude?

I am keen to hear others views on when you feel we are likely to see a break out of the current sideways range...

Also I find this Blog very useful and best of all its FREE, who says there is no such thing as a FREE lunch
http://www.prices-oil.org

CT

Re: Where next for Crude?

Where is crude headed next? Here is our post from today.......


"Friday's Short Covering Rally Sets The Stage For Steady Open For Monday"

Crude oil closed lower on Friday due to profit taking as it consolidated some of Thursday's rally. A short covering rally tempered early losses and the mid range close sets the stage for a steady opening on Monday.

Stochastics and the RSI are overbought and are turning bearish hinting that a short term top might be in or is near. Closes below the 20 day moving average crossing at 62.82 would confirm that a short term top has been posted.

If July extends the rally off April's low, the 38% retracement level of the 2008-2009 decline crossing at 82.38 is the next upside target.

First resistance is today's high crossing at 70.32
Second resistance is the 38% retracement level crossing at 82.38

First support is the 10 day moving average crossing at 65.94
Second support is the 20 day moving average crossing at 62.82

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Last edited by Crude Oil Trader (06-06-2009 05:51:28)

http://crudeoiltrader.blogspot.com

Re: Where next for Crude?

We have exited our long crude positions and have started buying UNG [natural gas] on the dips. Traders are getting great buy signals under $14 on UNG.

http://crudeoiltrader.blogspot.com