CL July contract. Oil still in a downward channel, but should it break out above 52.60, watch out. That area corresponds to 38.2% retrace Dec low / April high, but also trendline resistance. It is stiff resistance, but any move on volume above that would be a strong negative for equities. There has been no better intraday tool for traders than watching oil. What a gift that has been.
click on chart for full size
click on chart for full size
This entry was posted
on Sunday, May 29, 2005 at 12:13 PM.
