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Oil Levels
July 28th, 2008 at 5:07pm · 2 Comments
Since its emotional July 11 top, crude oil has exceeded the bears’ expectations at every level and refused to give the bulls any reasonable rally at which to sell their newly distressed positions. Once again oil is at a level that logically should produce a bounce, matching both the early June lows of 123 and the lower channel line, right now at 121.90. From here, I expect crude to attempt to move higher. A new buy net-line now exists at Wednesday’s high of 128.75. Look for that number to be the ceiling for any rally attempt, as I think the oil surprises will continue to be on the downside.
Tags: Crude Oil
2 responses so far ↓
1 OpenSource // Jul 28, 2008 at 7:54 pm
What happens if it breaks the support at 121? What is the next level?
2 chris // Jul 29, 2008 at 8:09 am
The next price that looks interesting is 111, and after that there’s serious support at 97.
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