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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (3630)	1/7/2005 4:06:14 AM
From: Walkingshadow	Read Replies (1) of 8752

Oil: Test of support at $41 was successful. Now you can see that the downtrend line has been breached to the upside by yesterday's bullish white candle. futuresource.com To me, this makes the likelihood significantly higher that oil will settle into a trading range now.... I certainly can't see the highs of October getting taken out anytime soon. $46.50 is strong chart resistance, since that is where the top of both shoulders is. I suspect oil will have a lot of trouble at those levels. A neckline break of the head and shoulders cannot happen unless and until support at $41 is broken IMHO. T

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