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Crude Oil Heading for $134 During 2008 Despite Near-term Weakness

Commodities / Crude Oil Apr 25, 2008 - 01:54 AM GMT

By: Donald_W_Dony

Commodities Best Financial Markets Analysis ArticleThursday's downward trading of oil brought some relief to the equity markets. Don't expect the decline to last. Technical models are indicating short-term downward pressure until the end of April. As May unfolds, increasing upward pressure should return. The first level of support is at $110 followed by solid support at $100.


Bottom line: The selling pressure in crude oil prices is expected to be brief but swift with good support levels close to current prices. Look for for oil to move back to $120 in May. The near term target is $127 with $134 as the upward target in 2008.

Your comments are always welcomed.

By Donald W. Dony, FCSI, MFTA
www.technicalspeculator.com

COPYRIGHT © 2008 Donald W. Dony
Donald W. Dony, FCSI, MFTA has been in the investment profession for over 20 years, first as a stock broker in the mid 1980's and then as the principal of D. W. Dony and Associates Inc., a financial consulting firm to present.  He is the editor and publisher of the Technical Speculator, a monthly international investment newsletter, which specializes in major world equity markets, currencies, bonds and interest rates as well as the precious metals markets.   

Donald is also an instructor for the Canadian Securities Institute (CSI). He is often called upon to design technical analysis training programs and to provide teaching to industry professionals on technical analysis at many of Canada's leading brokerage firms.  He is a respected specialist in the area of intermarket and cycle analysis and a frequent speaker at investment conferences.

Mr. Dony is a member of the Canadian Society of Technical Analysts (CSTA) and the International Federation of Technical Analysts (IFTA).

Donald W. Dony Archive

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