RT Swing Trader Blog | News

Reaction swing portends new rally in Crude oil. [chart]

The International Energy Agency said that it expects world oil demand to average 86.6 million barrels per day (mbd) in 2010, slightly more than the previous record high of 86.5 mbd in 2007.

Crude zoomed through the ascending median line and closed above the prior swing high of 85.43 on April 6th. From this new high, Crude oil dropped back to the support provided by the up-sloping median line and the 20-day SMA. This price action has formed a bullish reaction swing above the median line, and set up a potential upward price move towards the reaction line target objective, currently at 90.00.

May Crude oil

May Crude oil

  • Share/Bookmark
Comments (0) Trackbacks (0)

No comments yet.

Leave a comment

No trackbacks yet.