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5 "Tells" that the Stock Markets Are About to Reverse

Crude Oil Bulls Remain Confident

Commodities / Crude Oil Dec 06, 2010 - 04:43 AM GMT

By: Seven_Days_Ahead

Commodities

Earlier this year the slip back in Crude Oil price was supported by the 38.2% retracement, with bears unable to make further headway. The subsequent recovery still looks sound, with the May high remaining under threat of being breached.


The Commodity Specialist view

BRENT CRUDE - WEEKLY CONTINUATION CHART:

Recovery from the 38.2% pullback earlier pushed beyond the prior highs shown. These have so far provided support.

The May high remains under threat, with a break higher to turn attention towards the 61.8% recovery level around 105.00.

BRENT CRUDE - DAILY CHART JAN-11:

A recent dip held above the 81.24 19-Oct low, helping to preserve current bull momentum.

The chart looks well-placed to make a better break of the 76.4% level to challenge the 93.24 May high.

Beyond here we can start calculating higher projection levels.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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