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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.

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Source: WTRG Economics [1]

We discussed earlier this month how Oil prices can be a leading directional indicator for the stock market [2].

If you are interested in energy issues, there is a terrific collection of charts, news and analysis at WTRG Economics [3]. I found “The Coming Energy Crisis? [4]” especially insightful. Check ‘em out.

Link found via The Capital Spectator [5]


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:

[1] WTRG Economics : http://www.wtrg.com/daily/crudeoilprice.html

[2] Oil prices can be a leading directional indicator for the stock market: http://bigpicture.typepad.com/comments/2003/11/striking_oil_an.html

[3] WTRG Economics: http://www.wtrg.com/index.html

[4] The Coming Energy Crisis?: http://www.wtrg.com/EnergyCrisis/index.html

[5] The Capital Spectator: http://caps.blogspot.com/

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