Crude oil and commodities generally have had a good rally over the last 2 days. Spotlight on crude..it has broken above 3rd descending fanline so we may have a push to 62 (65.3 is a 23.8 % retrace of fall from 150). Initial resistance at 48 (being tested today) then 55.5... this rally would tie in with the rally in equities and euro (also seems to have cleared resistance today).
Thursday, December 11, 2008
Some more CRUDE thoughts
Crude oil and commodities generally have had a good rally over the last 2 days. Spotlight on crude..it has broken above 3rd descending fanline so we may have a push to 62 (65.3 is a 23.8 % retrace of fall from 150). Initial resistance at 48 (being tested today) then 55.5... this rally would tie in with the rally in equities and euro (also seems to have cleared resistance today).
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