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Awaiting Crude Oil's Test of Support

Commodities / Crude Oil Mar 11, 2009 - 01:13 PM GMT

By: Mike_Paulenoff

Commodities Best Financial Markets Analysis ArticleThe most salient feature of the enclosed daily chart of nearby oil may well be the fact that BOTH the 20 and 50 day moving averages have turned up by virtue of the power of the Feb-Mar upmove from $33.55 to $48.83. Those moving averages are rising through the $41.25 area as we speak. In addition, let's notice that the support line of the Feb-Mar rally cuts across the price axis at $42.50, which is the next key near-term support zone prior to the confluence of the rising moving averages ($41.25).


Right now I expect nearby crude oil prices to press at least to test the support line ($42.50) and possibly to test the moving averages prior to the next upside pivot reversal -- and the initiation of the next upleg towards $55.00. We am patiently awaiting additional weakness at this point as we consider playing crude oil via its U.S. Oil Fund ETF (NYSE: USO).

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By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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