Thursday, December 29, 2011

I am sorry to be the bearer of bad news

It is after midnight on Dec 29th 2011. I am driving back home with my family from a very pleasant and festive party. A corner of my eye catches a bright gas station sign "$2.93 per gallon for unleaded gasoline". I do not hesitate for a second, full tank please!
While filling the tank I immediately recall what was just discussed at the party: Iran, Hormuz, $200 oil, $5 gasoline, bicycling to work, etc...
So I said to myself: "when I get home I will write a late night post about gasoline and crude oil, and where I see them going.
Folks, here it is. Bull flags and symmetrical triangles almost always result in the direction of the trend. Sorry, but I see much higher crude oil and gasoline prices ahead. Get that sub $3 per gallon gasoline, while you can. At least you will not be mad at me if I am wrong...

click on chart to enlarge

No comments:

Post a Comment