Crude Oil Price Chart -- Trading at Top of Downtrend
On January 22nd, we highlighted that crude oil was trading at the bottom of its downtrend and pointed out it may be due for a bounce.
Since then the commodity has climbed from just over $50 per barrel to just below $60. Now, however, the commodity is trading at the top of its downtrend so pay close attention to the price at these levels. If it has a tough time breaking through $60, look for a continuation of the downtrend. If it is able to break through $60, the downtrend will have been broken.
Interesting analysis, although I find it unlikely that oil will drop below 50, not unless the Saudis decide to increase the flow. And why should they? Their customers are apparently capable of paying the 60 USD. So why should they give them a discount? Let's face facts here, 50 or 60 bucks for one barrel is a bargain, technically speaking milk has gone up more in price than oil, even when oil hit 70.
More on the price: www.gulfeconomist.com
Posted by: Tahmasebi | March 14, 2007 at 09:42 PM
basicaly i am technical analyst as per mi graph i hve seen that the on balance volume gone up so as the report crude can crunch $65
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