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Crude Oil Update

By Jack Ryan Bauer (aka Iceman)

On Twitter the afternoon of 05.21.08, I stated the maximum upside for crude oil before a pullback was 13450.  Crude peaked out that evening at 13508 and has, as of this morning off the weekly API statistics, begun to test the stated objective of 11850-12250.  The maximum downside for this move before retesting the mid-to-upper 120s is roughly 110-115; a move below that and the mentality of the market will have changed.

So who is going to take credit for this recent pullback?  More-than-likely, you’re elected officials in Washington (where perception of action is actually more important than substantive action).

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This entry was posted on 06.04.08 at 12:12:26 and is filed under Economy, Energies, Trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Crude Oil Update”

  1. Crude Oil Two-fer? « e-BrainDump Says:
    06.05.08 at 14:14:14

    [...] Oil Two-fer? Yesterday, 06.04.08, I stated that the downside objective that I specified on 05.21.08 was being tested.  Intraday the July contract hit 12182 with an [...]

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