AI
Sunday, October 03, 2010 10:39:19 PM
CL Futures
Nice break out of a huge triangle. If this plays out like a normal triangle breakout, the measure move is to $102.61, give or take a couple dollars. If the world economy picks up, as appears to be happening in China and India, then it's not at all out of the question that we hit that target, and eventually I would bet a significant amount of money that we will. The big spike over the past three days has been China buying oil. I wish I had caught some of that, but there'll be more opportunities.
The weekly chart is showing a Fibonacci retracement grid between the 147.27 high back in mid '09 and the $33.20 low from early '09. Note that the 62% retracement of that range is a buck off of the target of the triangle breakout.
Nice break out of a huge triangle. If this plays out like a normal triangle breakout, the measure move is to $102.61, give or take a couple dollars. If the world economy picks up, as appears to be happening in China and India, then it's not at all out of the question that we hit that target, and eventually I would bet a significant amount of money that we will. The big spike over the past three days has been China buying oil. I wish I had caught some of that, but there'll be more opportunities.
The weekly chart is showing a Fibonacci retracement grid between the 147.27 high back in mid '09 and the $33.20 low from early '09. Note that the 62% retracement of that range is a buck off of the target of the triangle breakout.
(Formerly known as "Richagain") My posts are my opinion and are subject to change without notice. I accept no responsibility for anyone who chooses to take any action based upon anything I post.
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