Brent Crude Oil - Is that it?

BRENT CRUDE OIL fell just shy of the resistance target published in the May 21,2009 post.

Is that it?

The MKT had a nice rebuke but it is too early to tell if the underlying positive momentum is at risk. Reactions should always be expected at major areas of inflection. This reaction for now is keeping the buyers honest with their leverage. Expect the 68.00 area to be pivotal. Only under 66.60 does sentiment shift negative target the 58.80-58.40 support band initially.



If the MKT is bad it should just go. Any digestive action is a positive signal. A breach of 71.43 is a sign that the MKT wants to make another run at the 74.10 target resistance area if not 78.90.



JS



This commentary supports JS Services Strategy Based Trading approach.For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.* The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.