Monday, October 26, 2009

Early Market Action Thoughts: Oil- 10.26.2009

I spent much of the morning on the Blooomberg looking at charts. CL1 is definitely overbought at the moment and I expect a pull back to $78 as I said in my last post. This morning Nymex Crude was trading around $80.50/barrel. Momentum on the upside is topping out. Additionally, the upper Bollinger band(30, 2.0) has been pierced for too long. However, one must keep in mind that crude will not follow technicals or fundamentals in the long run. Much will depend on the Greenback.


Patrick M. Ambrus
Analyze Capital LLC

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