[surfer1]

The price seems to have stabilised around 70.50 or thereabout. Is there a fib support around there and are we about to see a rebound? Or further downside?

Or where may I find this information on the web?

Thanks in advance.

[ohanian]

$this->bbcode_second_pass_quote('surfer1', 'T')he price seems to have stabilised around 70.50 or thereabout. Is there a fib support around there and are we about to see a rebound? Or further downside?

Or where may I find this information on the web?

Thanks in advance.

[surfer1]

So, even with the Iran news, do the charts indicate it will still fall to $68.00?

$this->bbcode_second_pass_quote('ohanian', '')$this->bbcode_second_pass_quote('surfer1', 'T')he price seems to have stabilised around 70.50 or thereabout. Is there a fib support around there and are we about to see a rebound? Or further downside?

Or where may I find this information on the web?

Thanks in advance.

[Micki]

Looking at weekly (best for retracements) barchart for WTI, Feb low was $58.10
April high $75.59

50% Gann retrace would then land round 66.85
38 fib would land round $68.70 (can't get bothered to check exactly), which coinsides with the Jan high.

Often when there is a breakout there is a re-test of the breakout level.
This looks so far like nice geometry with 38% fib and re-test of Aug05 high and re-test of of Jan high.
So far still looking bullish
If we can get confirmation of higher low then $80-85 is in sight.

[MrBill]

If you are speaking about WTI June futures

trade envelopes 2 standard deviations from the 21 day mean then the outside range is $64.82-$74.76 with a 98% confidence

inside that support is now

weekly $65.37 & $64.35
daily $71.37 (broken, but depends on closing price) & $69.79
hourly $70.81 & $70.96 (both broken, but currently above moving aves),

So depends a little on where we close

This last rally started around $5950-60 up to high of around $75, so .382R = somewhere around $69.30

[Monk]

what do you consider short term?

anyway, this is a weekly chart.... but you should always start with the big picture when charting and then work your way down to smaller time frames... as there may be hidden support and resistance lines if you just focus on say, a 60 minute chart

you can see it broke out of a pennant formation at 68, and that line would now be support.

if you measure the size of the pennant and extrapolate, this means a target of 87

http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[e,a]wacayyay[d20030428,20060428][pb34!b8!c10!b4!b50!d20,2][vc60][iub14!la12,26,9!lh14,3!lc20!lg][J75590027,Y]&listNum=1

[surfer1]

Light ended up at 71.85 and Brent at 71.74.

What does this portend for next week? Buy signal?

Thankyou in advance friends.

$this->bbcode_second_pass_quote('Monk', 'w')hat do you consider short term?

anyway, this is a weekly chart.... but you should always start with the big picture when charting and then work your way down to smaller time frames... as there may be hidden support and resistance lines if you just focus on say, a 60 minute chart

you can see it broke out of a pennant formation at 68, and that line would now be support.

if you measure the size of the pennant and extrapolate, this means a target of 87

http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[e,a]wacayyay[d20030428,20060428][pb34!b8!c10!b4!b50!d20,2][vc60][iub14!la12,26,9!lh14,3!lc20!lg][J75590027,Y]&listNum=1

[ohanian]

set title "Price of Oil"
A = 2.05
B = 20
D = 10
set yrange [0:140]
plot 'price.dat' , B + A**(x-2000) * cos( (x-2000) * pi / (D * 2))

[ohanian]

[surfer1]

Ohanian. I am a newbie at all of this. Would you care to explain it to me please and the possible oil price this coming trading week?

Thanks friend.

[quote="ohanian"][img]

[grabby]

So... why is there a dropoff after 2008?

is that just artifact?

[highfructose]

I think if crude shows strength during the coming week it'll resume its short term upward movement. My guess is it'll peak around 76-78 before heading down to make a bottom during early summer.

The recent spike should be kept seperate. That spike is now gone.

[ohanian]

I like graphs. Dont you???

[MrBill]

I love graphs. More than my dog and definately more than people. But where are you getting your future price points from? Thanks.

[ohanian]

$this->bbcode_second_pass_quote('MrBill', 'I') love graphs. More than my dog and definately more than people. But where are you getting your future price points from? Thanks.