Oil has been trading in $10 ranges for some time now. Before it broke above $100, oil bounced back and forth between the high $80s and high $90s. After moving above $100, it traded up to $110 and then back down to the $100 support level twice before eventually breaking above $110. Once it moved above $110, it quickly traded up to $120 before once again pulling back. Today's declines in the commodity have pulled it back down to just under $111. The $110 level should act as support here just as $100 did before. If $110 doesn't hold, oil will be in danger of breaking the uptrend that formed from the double bottom made in February.
Subscribe to:
Post Comments (Atom)
Lunch is for wimps
It's not a question of enough, pal. It's a zero sum game, somebody wins, somebody loses. Money itself isn't lost or made, it's simply transferred from one perception to another.
No comments:
Post a Comment