On the left hand, crude oil daily is about to finish a leg this week. After breaking the 87 support, we are now heading for 60/5. That will happen in 2 legs and the first should occur around 75 as we will make a SEQ and Combo 13 at those levels. The upside is limited to 85 though but the fact that OPEC will cut supply and winter season supports markets by a general momentum. As we had the obscure demand supply nonsense on the upside, we have the exaggeration to the downside. In any case, keep selling rallies in general but short-term a small rally is due.
Wednesday, October 15, 2008
Crude technical outlook
On the left hand, crude oil daily is about to finish a leg this week. After breaking the 87 support, we are now heading for 60/5. That will happen in 2 legs and the first should occur around 75 as we will make a SEQ and Combo 13 at those levels. The upside is limited to 85 though but the fact that OPEC will cut supply and winter season supports markets by a general momentum. As we had the obscure demand supply nonsense on the upside, we have the exaggeration to the downside. In any case, keep selling rallies in general but short-term a small rally is due.
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