Oil is getting pretty oversold on the daily and my fingers are itching to pull the trigger. Nevertheless, I would regard another failure at 67 to lead to one last significant washout low. Since 67 is a full 76.4% retrace of 2006, bulls should worry short term. Watch the fib projections off August (see chart) and take your pick. Resistance is solid at 68.55, 200 ema. Ultimately, though, you want to get back in oil.
This entry was posted
on Thursday, September 07, 2006 at 8:16 PM.
