Looks to me like in order for the market to go higher..
Crude needs to consolidate.. 200 day moving is
around 95.00. Forces beyond
our control should keep Crude Up. The Saudi's need crude
north of 91.00 to pay their bills... but Presidential
Politics need the price of crude down.. Which side will
win??
Crude OIL
Posted by zach06 on 1st of Feb 2012 at 01:36 pm
Looks to me like in order for the market to go higher.. Crude needs to consolidate.. 200 day moving is around 95.00. Forces beyond our control should keep Crude Up. The Saudi's need crude north of 91.00 to pay their bills... but Presidential Politics need the price of crude down.. Which side will win??
SCO the short oil etf,
Posted by ditch on 1st of Feb 2012 at 03:16 pm
SCO the short oil etf, appears to be breaking out of a 60' wedge
http://screencast.com/t/13w8S8NY2qqz
Oil should be a great buy when this consolidation is over, the other curous thing is that even though oil is down the distiliates and services are up.
good call ditch
Posted by zach06 on 1st of Feb 2012 at 03:18 pm
It should run to about 46.70 with crude futures breaking to the 95.00 area Good Idea.. I've been playing crude futures short.