Hope you had a good 4th of July weekend! It was cloudy and rainy most of the time in Indianapolis, but we did get some sun on Sunday so that helped make up for it. Over the last week crude oil ($USO) has been catching some bids as the turmoil in Egypt has been scaring traders. Crude is now up against resistance and there’s an interesting setup taking place in oil volatility.
Here’s a piece:
With the big move last week we now have an interesting chart setup in light crude oil ($CL_F). As the chart below shows, we are testing the falling trend line off the 2011 and 2012 highs. If this trend line is unable to hold then the next stop on the higher gas prices trade could be $110 – the previous high from March 2012.
To see the chart and to read the rest: As Middle East Fears Rise Crude Hits Resistance (TraderPlanet)
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