Oil update

One of my favorite trades was/is Oil long as I recommended to buy weakness for weeks and we are just about to finish the bottom building process as one can see easily. The target is til August 78/80 and at 57/60 this wave will run into a wall of resistance temporarily.
By the way the CRB has the same appeal to me and we can expect sharp rising prices going forward.
Oil makes a Seq 12 today on the daily but we can extend towards the above target area before a sideways down consolidation should start. One undervalued stock you should accumulate on setbacks is VLO which might top out soon as well temporarily before it will resume the trend towards 27/30.


~ by behindthematrix on May 6, 2009.

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