Quote:
Originally posted by Colin@Mar 3 2004, 07:52 PM
Gas prices way up at the pump the past week. Anyone else notice?
Might not last for long though. US light crude dropped $1.25/barrel today, crude inventories are up, and Saudi Arabia cut their export prices.
Hey Wig,
How about some chart analysis?
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Colin,
I do not follow unleaded gas futures and do just a little work on crude.
i really only keep an eye on crude because of the middle east cycles that we have been weaving in and out of since 1998. i do not trade crude.
As far as crude oil goes, i think we are in the midst of a bull market (since 1998) that has a target of at least 44.50/CL.
Short term, a weekly close above 36.10/CL will reinvigorate the uptrend and target 44.50/CL.
Conversely, a weekly close below 31.65/CL would signal a correction.
Either scenario should culminate during alignment of (major) cycles in Feb 2005.
IMHO of course. ;-)