Thursday, December 07, 2006

Crude Oil

Here is an hourly chart showing pit trading in January crude oil futures. I last commented on this market here.

Support at 61.50 is holding and I think the upside potential has been increased by the last two days' trading between 61.50 and 63.00. I think the market has a good chance to rally to 66.00, about a dollar higher than I originally expected. In any case I still believe that we shall see crude selling at $50 or lower during the first half of 2007.

1 comment:

Anonymous said...

Hi Carl,
Just got my copy of the Lindsay articles. Difficult reading, at least starting out.
Have you looked at NMX at all? If it goes on a bull rampage, I get a possible 211 target. What do you think?