Tuesday, January 26, 2010

Heating Oil Update

A picture's worth etc...
Weekly Continuation

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The log term implications of the trend line break are significantly lower prices for Heating Oil, see Heating Oil Trend Line .  
Shorter term 1.8150 , as the .382 retrace of the double zig zag up, will be looked for to provide some support. Note the triangle apex is about there as well.
 Mar HO


So far I don't identify the "moment of recognition" associated with a -3- of 3 down. Guessing it's still to come, possibly when Mar takes out 1.93, the overlap of the last move up.

click to sharpen
On the Mar daily 1.80 shows up as support again.

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