- The Big Picture - http://www.ritholtz.com/blog -
Oil Prices Approaching Resisitance
Posted By Barry Ritholtz On November 12, 2003 @ 7:21 am In Finance | Comments Disabled
Crude prices are approaching a critical level; NYMEX Crude has — quietly — risen 15% since its early Autumn price of $27. Its now approaching critical resistance at its post-war highs near ~$32.25. If prices pop over that level, you could see a clear run towards $36-38. While I expect that unlikely to happen, if it did, it would be quite problematic.
Source: WTRG Economics 
We discussed earlier this month how Oil prices can be a leading directional indicator for the stock market .
If you are interested in energy issues, there is a terrific collection of charts, news and analysis at WTRG Economics . I found “The Coming Energy Crisis? ” especially insightful. Check ‘em out.
Link found via The Capital Spectator 
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2003/11/oil-prices-approaching-resisitance/
URLs in this post:
 WTRG Economics : http://www.wtrg.com/daily/crudeoilprice.html
 Oil prices can be a leading directional indicator for the stock market: http://bigpicture.typepad.com/comments/2003/11/striking_oil_an.html
 WTRG Economics: http://www.wtrg.com/index.html
 The Coming Energy Crisis?: http://www.wtrg.com/EnergyCrisis/index.html
 The Capital Spectator: http://caps.blogspot.com/
Copyright © 2008 The Big Picture. All rights reserved.