Crude Oil Breaks Trendline (Technical Analysis) ~ market folly

Monday, September 28, 2009

Crude Oil Breaks Trendline (Technical Analysis)

We haven't looked at crude oil in a while from a technical perspective so we figured it'd be worth a look as the guys at MarketClub analyze it in this crude oil video. They highlight a trendline in crude from the lows in March until September. They note a trend break here just recently which signals crude could trade lower in the near-term.

They also pull up a fibonacci retracement on crude oil from the lows of March until the highs in August and notice that the 50% retracement could be a pivot point for crude as it has already acted as support for the commodity once before back in July. Check out their analysis here. And if you're unfamiliar with fibonacci, learn about it in this video as it's a useful technical analysis tool).

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