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


To: Jon Koplik who wrote (7830)5/11/2007 10:32:59 AM
From: Hawkmoon  Read Replies (1) | Respond to of 33421
 
Jon,

Where do you see oil heading?

I'm still seeing a potential head & shoulders formation in light crude:

tfc-charts.w2d.com

The bottleneck in the refining area should indicate that even with greater demand for gasoline, the ability to refine it is limited, and thus, creating a glut in oil in storage (where additional capacity seems limited).

What's your view?

Hawk