Crude Oil Futures


click for bigger chart

Kevin Lane of Technimentals observes:

Crude Oil futures hit the 200-day moving average 3 days ago (green line) and have bounced from their deeply oversold condition. The key to determine if the long-term uptrend is still in tact or if 2005 brings continued moderating crude prices will be how the commodity fairs with its recent broken overhead resistance zone (red lines) near $ 45.00. If it fails on this bounce to overtake that level and gets turned away again then we would say crude will continue to trade lower, our bet is it will fail and continue to moderate in 2005.

Random Items

A Higher Market Appears Likely in 2005
Has Gold topped?
Housing: Growth’s Shaky Foundation?
Dollar, Losing Luster, Keeps Premier Status
Media failed to rise to the occasion — again
The Long Tail


Quote of the Day

"A newspaper’s core business is integrity. News is not a product like a tire or a paper towel. It is what we journalists say it is. The reader has to believe. So, of course, do we. A newspaper’s "brand" is trust — trust in its judgment, its independence, its values. That’s what remains constant. The news changes every day."
-Richard Cohen

Category: Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “Chart of the Week: Crude Oil Futures”

  1. LB says:

    Actually, if you look at the monthly chart going back further than a year (try 15 years), you will see that 40 was a pretty easy figure to spot as support and 45 is not long-term overhead resistance.

    Check out here to see what I mean:


  2. Viana says:

    The Light Sweet Crude Oil continue Bullish.
    The 55 USD support the price.
    The 53 USD if broken is a new bearish secundary trend. Is a P&F Double bottom break.
    The 58 USD broken to 59 is a P&F Double Top Borken a a Spread Triple Top Brokem with price objetive in 61/64USD.

    Take a look in chart: