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Trader alert: Oil trading at critical level
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Friday, August 21, 2009
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From Bespoke Investment Group:

At $72 and change, oil is currently trading at a key inflection point. As shown below, oil recently bounced nicely off of the bottom of its uptrend channel, and it is now butting up against resistance that formed when the commodity made its highs in June and July.

If oil is able to break out above these short-term highs, there isn't much in the way of resistance until the $90 mark. With oil tracking so closely with the stock market recently, it's highly likely that the breakout will occur if the rally in equities continues.

Read full article...

 More oil posts:

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Veteran oil trader sees crude falling below $50

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Topics: Energy | Trading Ideas | Commodities
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