Crude oil prices hit all time high at 147 followed by two more attempt. The last tried hit 146.73 on 15/7 and unable to sustain then finish with long black bar. It then broke the immediate up-trend line the next day with a black candle also. This had printed a bearish picture. Yesterday, it penetrated the 2nd up-trend line. It shows that market is heading for underline support between 119 to 120 level.
Wednesday, July 23, 2008
NYMEX crude oil futures (spot month): looks heading for 119 to 120 (underline support)
Crude oil prices hit all time high at 147 followed by two more attempt. The last tried hit 146.73 on 15/7 and unable to sustain then finish with long black bar. It then broke the immediate up-trend line the next day with a black candle also. This had printed a bearish picture. Yesterday, it penetrated the 2nd up-trend line. It shows that market is heading for underline support between 119 to 120 level.