Monday, May 3, 2010

ICE BRENT Technical update: May 03, 2010

Commodity Futures Charts

Short term for ICE brent seems short term bullish (currently against my short oil/long airline industry thesis), at least on the daily chart going into May... too bad I can't get a longer range on this bad boy.

It will probably take the rest of summer for my thesis to play out if I am correct, it is some what arguably topsy if longer term resistance is present.

What this chart needs is confirmation of the supply/demand balance, which my colleague Pat will inform us in detail after finals. If a supply shock occurs (more than expected oil supply due to overestimation) from OPEC due to the US oil spills, this could confirm lower prices as summer demand picks up and the economy shows more robust economic numbers... (look for those econ indicators where oil is inherently important - directly or indirectly)

1 comment:

  1. I'm looking at Southwest, UAL, and AMR.


This Blog has been developed by Analyze Capital LLC, and as an independent organization we provide “AS IS” information without warranty. The ideas and opinions expressed by the contributers of this blog are personal and do not represent the actions or policies of Analyze Capital LLC. The contents of this blog do not intend to assert recommendations or to offer advice of any kind. We are not responsible the consequences, be they gains or losses, that may result from using any of the information from this blog.