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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: IHateSourCream who wrote (132387)	5/4/2006 5:10:05 PM
From: Henry J Costanzo	Read Replies (1) \| Respond to of 209892

<<...expertise....>>..?? Really shouldn't even attempt to answer anything phrased so questionably......modest as you know me to be......LOL ....But can't turn my back on an eager student...( I actually started my working life as a ...professor !!) I do not, as I think you know, trade commodities and futures...so I am not really equipped to follow and try to analyze crude oil prices..What I will give you relates directly to the XOI Index....and can roughly be applied to CL crude oil prices.... I see no TA patterns easily measurable for price targets.....except.....POSSIBLY...a big bearish wedge (a Shack specialty) beginning last Sept. IF that's present, and IF it should break, then I would look for an eventual return to the 900 area Oct low...roughly equiv, I think, to 60ish on CL.. That sort of move should take some time, of course, and be validated at various intermediate levels. The first of these would be the lower line of that "wedge",,,,which also happens to be a lengthy major UT line extending back at least to Aug '04...and also currently tracking fairly well the long-rising 200d SMA...Putting all of these together, we're looking at a vulnerability down to roughly a 1025ish support area. And that could point..again, roughly.. to 65ish a barrel for CL. Obviously, I don't have to tell you what all the above represents...and the spirit in which it's offered.....I would say, though, that it could be useful to have all that in mind as a basis for making judgments/reaching conclusions as the actual price movement develops.... Live long and prosper!! (Just popped into my head, so thought I'd better pass it on......might mean something!!).....LOL !! EDIT..a little lazy right now...but at some point might annotate and post a pretty chart......gg