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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (4714)	2/7/2005 11:48:03 PM
From: Walkingshadow	of 8752

That's entirely possible Reid. The support at $45 is not rock-solid, $41 is much better support. The BB on the weekly chart is currently $41.51. But there is also fairly good support at $44, which shows up better on the weekly chart. Actually, that support looks a bit better to me than $45: futuresource.com As I've said before, oil could well settle into a trading range here for an extended period, probably between $42 and $50 if it happens. I know OPEC is trying hard to maintain an orderly market. They won't let the bottom fall out, and have pledged to prop it up should oil fall to $37, but I think they will act long before that. I suspect they are hoping for either a trading range, or a moderate uptrend. T

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