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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Hawkmoon who wrote (7380)	6/22/2006 10:31:21 AM
From: John Pitera	Read Replies (2) \| Respond to of 33421

Right Now Crude has resistance at 71.38 to 71.77 if we don't trade through that and close above it for a day or two we should slide back towards $65. Of course the geopolitical uncertainties of Iran and North Korea are what is helping to keep a bid in Crude, but aggregate demand should be weakening globally. the Daily Crude Chart has been in what's mostly resembles a descending triangle since May with lower highs of roughly 76, then 75, 74, 72 etc. with a horizontal lowinig support line at 68.75 or so. Descending Triangles are Very Typically Bearish formations and prices break down out of them, especially in a market that had become almost "Loved" with a lot of Hot money in it. John