Thursday, December 6, 2012

Crude Oil Outlook

Been awhile since Crudewire turned attention to crude oil...for good reason ...there has been nothing to report except nothing to report.
Weekly
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WTI has been trading for the most part between 75 and 105 for 3 years and is now smack in the middle of that range.
Normally a flag would be expected to break to the upside. Less sure in this case though. For all the previously argued reasons.
Daily
C will = A at around 74

Brent might have a cleaner Elliott wave structure to look at.
Weekly
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The Y= .95 of the W, giving significance to the related nature of the 2 legs and suggesting that the structure is complete. 
Shorter term a test of the low of  the range has a slightly greater chance of being seen , but it can well be just part of further sideways consolidation lasting several more months, rather than the beginning of an extended wave down.
Daily








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