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Strategies & Market Trends : Technical Analysis With Charts

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From: MACD X	11/27/2005 10:54:32 PM
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BOTTOM LIKELY IN FOR CRUDE OIL stockcharts.com[g,a]dacayyay[dc][p][vc60][iub14!la12,26,9!lc20][J58756630,Y]&listNum=24 Several indicators are pointing to the fact that oil has likely found a short term bottom. 1.the head and shoulders measurerment projection had been hit 2. there is a believable balance point at the present bottom. 3. the head and shoulders measurement is in the same place as the balance point measurement 4. RSI has never reached 30 which is bullish and is at an area where it would be expected to rise in a continuing bull market 5. There is a Jack Chan type trendline break and bullish macd crossing that would warrant a trade long in oil. [oil futures?] Because the market has rallyed while the price of oil has feel recently and there are several signals that the stock market may have found a top it is likely Crude oil will rise as the stock market corrects.

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