CRUDE OIL - What's UP with that?

What’s up with CL?

The AUG’09 CRUDE OIL contract closed firm and is flirting with further gains.

Key off the 70.85 Inflection Pivot today for an indication of the session’s tone. Above here the buyers will remain aggressive pressing resistance at 72.27 and 72.77. Be patient. If the momentum is going to fizzle it will here. A held violation confirms a positive breakout signal targeting 74.80 on the initial push. 76.20 and 77.50 are the extended targets for any new leg north.

CRUDE OIL Q'09 DAILY


A break under 70.85 and the MKT is vulnerable to more difficult choppy digestive action down to the 67.33-66.90 support band. This is the base supporting any new consolidation if the positive momentum is going to pick back up. A break under this support inflection negates the underlying positive sentiment putting the 63.00 level in play.



JS



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