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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (4704)	2/7/2005 11:31:01 PM
From: Walkingshadow	Read Replies (1) of 8752

Well, it took a week or so, but oil is finally testing $45 levels here and looking reversaloid. << Crude OIL futures seem determined to test $46 chart support, and probably will trade down as low as $45 before reversal to the upside continues >> Message 21000135 I think crude futures will successfully test that support at $45, which is just $0.17 below current trading now. You can see oil is extremely oversold now, at the lower BB rail: futuresource.com Most likely oil will continue trading in an orderly fashion. But, there is a chance that the long-term uptrend oil is in will catch the attention of the markets soon, since there is not much in the way of earnings or economic news this week to occupy the market's attention. Along these lines, I did see a story over the weekend predicting gasoline prices rising above $2.50 soon, which would represent an increase of about 30% or so. .....uh, that would be a non-inflationary 30% price increase, of course, since we haven't had a lick of significant inflation in years. <gggg> T

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