Monday, April 17, 2006

Crude Oil

Here is an hourly chart showing pit and electronic trading in May crude oil.

I had expected the market to stall at resistance near 69.40 which is the 7 1/8 multiple of the 1986 low at 9.75. As you can see in the chart the market spent the entire day today trading well above that resistance. I conclude that it is now heading for the 74.30 level which is th 7 5/8 multiple of 9.75.

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