Oil is getting overbought? Well, as we saw in March, overbought can go on for awhile. Should CL (light sweet crude futures) clear 59.94, next stop is 64/65. The reaction in the equities markets will be severe, not anything like the complacency that has marked trading in the past week. A big heads up here. Support is 57.20, 55.80 and 55.40. Oil bears gain control below 55, trendline support.
click on chart for full size
click on chart for full size
This entry was posted
on Saturday, June 18, 2005 at 3:22 PM.
