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Commodities Briefing - Categorized | Market Moves, Oil, Trading more

Oil consolidating in anticipation of big move

Posted on 30 January 2013

Crude oil has been trading sideways for the past year between the 2011 high and low. The trading range through 2012 has been contracting with a series of lower-highs and higher-lows. Because this pennant formation is taking place after an uptrend is a bullish pattern with $110 and possibly even $140+ per barrel in the next 6-18 months.
If you look at the weekly investing chart of crude oil the key support and resistance levels area clearly marked. A breakout of the white pennant will trigger a move to the next support or resistance level. And judging from the positive economic numbers not only form the United States but globally the odds are increased for the $110+ price target to be reached sooner than later………………………………………..Full Article: Source


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This post was written by:

VRS - who has written 36545 posts on Opalesque Commodities Briefing.


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