2009
Oil Price Analysis by Daryl Guppy
Filed Under (Finance Help) by Admin on 07-05-2009
Oil has developed a trading and conciliation band behaviour. This is clearly observed on the NYMEX (New York Mercantile Exchange) Crude Oil weekly chart. The width of the band is now defined by the resistance level that developed near $53.00. This is a little distance below the historical resistance level near $56.00. The lower edge of the trading band is near $33.00.
Towards the end of 2000 oil developed an equilateral triangle pattern. This is a pattern of indecision. The breakout from this pattern has a 50% probability of moving up or down. The important development of this pattern has been the price behaviour in relation to the middle point of this pattern. The middle point or apex, of this triangle pattern is located near $42.00.