Thursday, February 23, 2012

Roadmap for Light Sweet Crude Oil

With all the noise about crude oil in the last few days, I decided to show my roadmap for black gold.
I expect WTI to stair step higher, pause at $120 and $130, and then proceed to 2008 high. This development will not bode well for world economy. Eventually, demand destruction and double top will take care of the price. It will crash, just like in 2008, but should find support at long-term trendline, at around $100.

click on chart to enlarge

1 comment:

  1. Good thing you share this roadmap about Light Sweet Crude Oil. I'm looking for something like this to study to help me in my trading.