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Monday, April 11, 2005 8:25:33 AM
***May oil futures to test 50 day SMA/$52 support this week***
Currently as of this post, May oil futures are at $52.72 (-.60)
*A break of $52 and the 50 day SMA suggests to me a quick re-test of just over $46 to fill a gap down there and to shakeout the recent pikers in what's like to be a brief spike just under the 200 day SMA... let's see how it unfolds, of course the dollar strength and/or weakness in the background is very important in determining the strength or weakness of oils pricing power...
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Currently as of this post, May oil futures are at $52.72 (-.60)
*A break of $52 and the 50 day SMA suggests to me a quick re-test of just over $46 to fill a gap down there and to shakeout the recent pikers in what's like to be a brief spike just under the 200 day SMA... let's see how it unfolds, of course the dollar strength and/or weakness in the background is very important in determining the strength or weakness of oils pricing power...
HI-HO SILVER !!!
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