Technicals | Sep 02 2013
With all the war noise going on at present, crude oil is hovering around US$110.00 again (WTI) waiting for the tomahawk missiles to be launched (very sad in the wiz's opinion).
A clear KEY level of 115.00 has held price action in check for two years and is needed to be closed above on a monthly closing basis to get a charge to 140.00 and above This would be a disaster for the world economy.
The green line on the chart the 60 period moving average hasn’t turned up with this spike in price in the last 3 months. Whilst considering this is a monthly chart, it still needs to be trending up (like between 2004 -2008) for strength.
The next few weeks will be very interesting with the war drums beating, and where crude oil closes for the month of September even more important.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
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