Once again, overnight QM/CL (oil futures) seems to be faltering at 20 dma, 71.15, in which case the bullish scenario is negated. 70.50 is a must hold now for oil bulls, or the recent bounce was just another bear flag on the way down to 65. That does not mean I suggest shorting it, in fact I am not comfortable with that idea especially above 70.40/70.50. Wait for a break below. If you are long, your stop should not be lower than 70.35. Resistance is clear at 20 day moving average (71.15) and further up at 50 dma 72.50.
This entry was posted
on Sunday, June 25, 2006 at 6:21 PM.
