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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
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...If the dots don't connect, gather more dots until they do...


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Thursday, December 29, 2011

The Fate of Oil

Oil is up 9.1% Year-to-date, as shown on the first graph below (courtesy of www.Stockcharts.com).

The second Year-to-date graph below shows that Oil is at resistance, while Gold is just above support, and Copper is in in a triangle formation in between support and resistance.

The Year-to-date chart of Oil below shows that Oil is sitting just above confluence (price, Fibonacci, Monthly VWAP, and Year-to-date Volume Profile POC) support at 99.00. The prior bearish Death Cross moving average formation has now changed, as of December 22, 2011 to a bullish Golden Cross formation. Price has been unable to hold above resistance at 102.00 since May of this year...a break and hold above this level could fuel a further rally in equities...failure to hold above 99.00 could send equities tumbling. Whether or not its near-term fate from today lies with the future direction of Gold and Copper remains to be seen.