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Energy bottom


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#1 2cents

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Posted 26 December 2006 - 07:54 AM

Two weeks ago I posted this chart expecting oil to hold the consolidation area. So far so good and I would expect the next move to test the bottom of the channel at a minimum and then test the old highs. Energy has been leading the broader markets and with year end close by I expect they will pile in until the new year.



http://stockcharts.com/c-sc/sc?s=$WTIC&p=W&yr=3&mn=0&dy=0&i=p71627547901&a=92209180&r=9578.png
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#2 VolPivots

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Posted 26 December 2006 - 01:01 PM

Still plenty o' inventory to dump by the physical giants...for accounting/earnings reasons, they may be holding back the spigot until next year.

Watching Unleaded for a retest of the lows late Jan-mid Feb.

http://stockcharts.com/c-sc/sc?s=$GASO&p=D&yr=1&mn=6&dy=0&i=p21169358043&a=91714916&r=1351.png