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Chart of the Week: Crude Oil Futures

Posted By Barry Ritholtz On December 10, 2004 @ 12:03 pm In Markets | Comments Disabled

Crude Oil Futures

Crude_oil_futures [1]

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.


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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."
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Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2004/12/chart-of-the-week-crude-oil-futures/

URLs in this post:

[1] Image: http://bigpicture.typepad.com/photos/uncategorized/crude_oil_futures.jpg

[2] A Higher Market Appears Likely in 2005: http://www.businessweek.com/investor/content/dec2004/pi20041210_7606_pi046.htm?c=bwmarketmaildec13&n=link4&t=email

[3] Has Gold topped?: http://cbs.marketwatch.com/news/story.asp?dist=&param=archive&siteid=mktw&guid=%7BF8286A5C%2DDDDE%2D4C6E%2DB7CF%2DEB8BEB4969BF%7D

[4] Housing: Growth’s Shaky Foundation?: http://www.businessweek.com/bwdaily/dnflash/dec2004/nf20041210_0466_db035.htm

[5] Dollar, Losing Luster, Keeps Premier Status: http://online.wsj.com/article/0,,SB110254210992294803,00.html

[6] Media failed to rise to the occasion — again: http://cbs.marketwatch.com/news/story.asp?guid=%7BCB28E2D6%2D2038%2D41A5%2D965A%2DDC81C4367A38%7D&siteid=mktw&dist=

[7] The Long Tail: http://www.wired.com/wired/archive/12.10/tail_pr.html

[8] Richard Cohen: http://www.washingtonpost.com/wp-dyn/opinion/columns/cohenrichard/

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