John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: Jorj X Mckie who wrote (3988)	6/5/2001 12:22:53 PM
From: John Pitera	Read Replies (1) of 33421

Tom, I think Crude is in a trading range for another few months. but the outlook is bearish, Crude has not even been able to rally today on positive news, that Iraq will suspend oil exports. futures.tradingcharts.com looking at the weekly chart we will probably eventually break below 25 and head to the low 20's, however that could be take a while.. the July contract is right on it's 200 dma and might rally back to 31 or 31.50 short term. It should probably be sold at those levels and will continue in this descending wedge on the weekly chart, unless it breaks above 32.50 on volume and can stay above that level for 2 days. In short, I think you're right about the bigger trend being lower in crude. The XOI might just be a short sale candidate at this point John

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