The short term stumbling block is going to be the rise of oil from oversold conditions. Taking the currently traded October contract of light sweet crude, we can see risk to 73.45/73.50. This is a technical bounce more than anything, but keep in mind the risk of breaking out of the bear flag to test 50 dma around 74.75. A failure at 73 keeps the downtrend firmly in place.
This entry was posted
on Thursday, August 24, 2006 at 4:41 PM.
