Oil Prices

[dan_s]

I ran a chart on the NYMEX oil contract for Oct 2010 (currently our front month). Over the past year, the contract has tested $70/bbl five times. Each time it went below $71/bbl it has rebounded quickly. It has been trading in a channel with the top of the channel being $83/bbl.

There is obviously strong support for oil at just above $70/bbl.

IMO even a glimmer of hope for the economy sends oil a lot higher.

Dan

[setliff]

charts say a temp bottom was hit today