Thursday, September 30, 2010

WTI High

Crude oil is approaching the .76 spot month retrace of the move down from the early Aug  82.97 high to 70.75, that cuts at 80.03, additionally there is a c=a point at 81 on the Nov. contract. This general area (83) has also contained the range for 49 out of 52 weeks. See WTI - Going Nowhere Fast
Given the sharp move down in the Euro this morning and potential for a top being in on the SP ( C=A at 1155) the crude will likely run into trouble again up here.

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