Friday, June 12, 2009

A little more on Crude Oil

Here are a couple of images from Adam's short video on crude oil. The first image suggests that we will have a little correction from here because the breakout in the Head and Shoulders has been exhausted.



BUT the second picture (featuring Fibonnaci retracement lines) suggests that, even if there is a pullback, we will see at least $82. (Clicking on the charts give you clearer views):

So basically, we'll be paying more to drive (summer demand,) but should you be long in crude it might be prudent to take half off the table.

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