Monday, February 21, 2011

Oil to $200...really?

On the chart I refer to a breakout of -82. That really means a breakdown below 82 in real life - could be rather bearish for oil. That's the inverted interpration based of the chart and in polarity with the real market. This is a very high level view of Oil and it is likely that we test this pattern (the lower trendline) before breaking out. Contrary to popular expectaton, the breakout will likely be in the direction of long-term and substantially lower Oil prices after a test of 110 or so in the CL market.
© 2009 m3, ltd. All rights reserved.