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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ChanceIs who wrote (46052)6/8/1999 1:29:00 PM
From: Heretic  Read Replies (1) of 95453
 
Ralph Acampora's technical analysis June 8, 1999

Crude Oil ($17.78 basis the September Futures contract) has now terminated the one-month downtrend with its move through resistance at $17.09 and is challenging its early May peaks at $18.11. Initial support is now seen at $17.35. Secondary near-term support exists at the recent lows of $16.27. Over the near term, we are adjusting our parameters up modestly to a $16.74 - $18.11 range with modest near-term support resurfacing at $17.35. The intermediate-term trend remains neutral with potential for a $16.27 - $18.11 trading range. A move through $18.11 would turn the intermediate-term trend up and yield potential to $20.20. The long-term trend continues to be positive with targets attainable to $20.20 and $20.80.

Natural Gas ( $2.46 basis the September contract) is in the process of breaking out above the late April peaks at $2.44 suggesting additional potential to $2.58 over the next several weeks. Initial support is now seen at $2.36 and then $2.22. Near-term, we now look for a $2.36 - $2.58 range. The intermediate trend has now turned up with potential to $2.64. The long-term trend remains neutral and would need a move through $2.64 to suggest a new long-term uptrend.

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