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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

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

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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IMPORTANT BLOG POST UPDATES...

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.