28 June 2007

Oil above $70... Again

Yesterday we had the news of dwindling Gasoline stocks resulting in a nice setup for a potential flag breakout in Crude. Not surprisingly, demand on Crude has pushed the price up for both a technical break of the flag, but also overhead resistance at ~$70.

Longs will be watching closely at this level to see if they can break the $70 convincingly.

Oil Hits $70 a Barrel

2 comments:

The ASX Gorilla said...

Giddy up!

Holding an oil share on the ASX...bought back in Feb, commited full stake back in May...but in the meantime I've moved to Europe where the price of fuel is double Aust...so its probably swings and round-abouts, as they say.

ASX.G

w.a.l. said...

$70 could be resistance again and in fact we are a few ticks below as I type this.

The bulls will have to pull the whip to get this over the top. the open tomorrow will probably make or break I think.

Yep, Giddy UP!