30th July - How good a bear market is Oil
03 August 2015
TECHNICALS:
Light Crude Monthly futures continuation chart
The big picture of the Oil chart is rather sobering. Since 2000 the solid base of the market has been $37.
Admittedly there’s room to go lower, but there is going to be increasing support from here on down.
Light Crude Weekly chart
The trading range in the medium-term charts has yet to be broken; only if the market broke $44 would the bears really have much to enthuse about.
Light Crude Oct 15 daily futures chart
The current excitement surrounds the short-term chart situation.
There’s now doubt that the break down through the Prior Low of January at $50.10 matters.
We know that bear trends develop on the back of resistance from Prior Lows.
But this short-term bear situation must be tempered by the relatively benign picture in the medium-term and fast approaching support at $37 in the long-term chart
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17th July - The Eurostoxx 50 is poised again