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=$WTIC&p=W&yr=3&mn=0&dy=0&i=p71627547901&a=92209180&r=9578.png
Energy bottom
Started by
2cents
, Dec 26 2006 07:54 AM
1 reply to this topic
#1
Posted 26 December 2006 - 07:54 AM
My opinion isn't worth the HTML it's written on
#2
Posted 26 December 2006 - 01:01 PM
Still plenty o' inventory to dump by the physical giants...for accounting/earnings reasons, they may be holding back the spigot until next year.
Watching Unleaded for a retest of the lows late Jan-mid Feb.
http://stockcharts.com/c-sc/sc?s=$GASO&p=D&yr=1&mn=6&dy=0&i=p21169358043&a=91714916&r=1351.png
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