Monday, January 4, 2010

WTI 2010 High


There are a number of different targets for WTI that can be projected depending on how the June 26 thru Oct.23 period is counted. In any event that produces a cluster of targets overhead  ranging from 81.06 to 83.13 to 86.66.  The 81.06 comes from a .382 of the Feb 13 to July 2 ABC structure of $41.96 , using 65.05 as the beginning of the final 3rd ABC up from 32.40.The 83.13 is equivalent to the 1st ABC up from 32.40 using 65.05 again as the beginning point.

click to enlarge
With the potential for multiple targets overhead caution is probably in order. A new low on the day, taking out that trend line,  would obviously be confirmation of a reversal.

BTW last night around 10pm EST saw a story up on Bloomberg about WTI trading over $80. Very nice.

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