6/17/08
Today, Oil light crude future closed at 134.10(from marketwatch.com). It has been little over one week the Crude oil future got stunk the ceiling top around $139-140 per barrel. Both the RSI & MACD Hist. are showing divergence. It means the crude oil future maybe reach the recent tops. If the Crude oil future is going to trade downward near $123(which is the 50MA & lower Bolinger Band line, in addition, this is the first support band area around $123-$125), stock markets might get some relieve despite bad economic numbers. If crude oil future is breaking that mark, it is going to be great for people who are shorting the oil future. It is because the next meaningful technical support would be $110, or down more the $100(very firm support with 200 day MA mark from daily chart). My guess is Oil future due for a correction now. But would this mean the US stock market would rally? I do not think so. Let time to tell us.
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