Friday, August 05, 2011 12:17:58 AM
Light Crude Oil Futures chart (CL)
Sweet and simple... Tonight oil has hit a trend line support, dipped below and bounced so far. If this doesn't hold then there's the 62% retracement level of 83.56, (based on the range from the May '10 low of 64.24 to the May '11 high of 114.83). The 200 weekly MA is just above that at 83.96. If we should lose those potential support areas then we will likely see oil hit anywhere from $81 to the high $78 price, imo.
Sweet and simple... Tonight oil has hit a trend line support, dipped below and bounced so far. If this doesn't hold then there's the 62% retracement level of 83.56, (based on the range from the May '10 low of 64.24 to the May '11 high of 114.83). The 200 weekly MA is just above that at 83.96. If we should lose those potential support areas then we will likely see oil hit anywhere from $81 to the high $78 price, imo.
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