Quick analysis of light crude oil ;
1) The initial trend was broken ; oil did rise too fast, broke out of this trend and went into a sideway pattern.
2) The main key is to find a "confirmed" support ; we did find one
3) The next obvious target is to break out of this key resistance @ $73 ....
What to focus on ;
PowerShares DB Crude Oil Dble Long ETN (DXO) ; huge buy signal above $4.6
3 comments:
Hi Moise,
Oil seems pretty resistant so far. Do you still expect FAS to dip back into below $9 or $8 territory?
Cheers,
Richard
Hi Richard ; hope so .....
Citi is still in a bad shape ....
OIL Bubble?
http://tinyurl.com/ltvudq
http://www.scribd.com/doc/16763183/TaibbiGoldmanSachs
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