Lets talk crude

While I'm happy to see the commdoities section gaining more attention slowley, there are hardly any postings on crude and precious metals.

Let me stick my neck out and give my two bit opinion on this. I feel crude is in an overbought region and possibly retrace lower in the short run to 65 or lower.

Similar is the case with Gold. Should see some correction.

More experienced members may please offer thier comments. My views are based purely on my readin gof the chart and not any fundamental data.
Hi Mareeche
You may be right on short term basis on crude but on the long run it is still bullish and is likely to go beyond $70.00 OR even ABOVE. I will not establish any short position on crude at this time as it has been in a bullish mode and going strongly NORTH. I feel It will go to 70 dollars level first than 65 dollar level.
Good Luck
I also have to agree with wastej..... crude oil is very likely going to pass the 70 mark.... its already set records and there is no sign of it slowing down ......


Well-Known Member
i have been looking for EOD Data for crude oil could you please help in this regards. Looking forward
American markets are looking crude to go as high as 150...though personally i feel a wee bit exaggerated...but cud happen, given the current demand/consumption


Hi all,

Currently crudeoil have North Containment zone @ 66.80 <> 67.20 basics on break of 62.50 it realign itself to reversal 55 <>51 zone .
I'm enclosing a chart of Jan 07 Oil contract from NYMEX dated 8-12-05.

There appears to be an ascending triangle pattern with $66.25 being the next target of resistance/consolidation/pullback. If history is our guide, a $5 pullback should bring it down to $61.25+/- and a break lower may spell a larger breakdown of the already bullish trend.

Right now, the bulls have control. Let me know if the chart doesn't appear.



Hi Wastej and Gurdeep,

When I mentioned about the overbought state of crude and a likely correction to 65 and thereafter below that is from a short term technical point of view. Long term view is debatable with very little evidence at this point in time except extrapolations by Oil pundits based on supply and demand forecasts.

Happily Gold has corrected since my last posting if any one has noticed.


amarnath said:
Hi all,

Currently crudeoil have North Containment zone @ 66.80 <> 67.20 basics on break of 62.50 it realign itself to reversal 55 <>51 zone .

Currently crude oil is trading @ 64.30 area were it is supported by mild regression line support . So attempt to make a tiny long at this lvls if one still remain bullish toward . I am currently trail stp 66.80 <>67.20 trades and 65.25 area provides sellers reentry zone if one attempt tiny long try to exit @ 65.25 area :)

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