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Oil bounces of $60

July 13th, 2009

It seems that the true resistance for brent oil curde was $60. The market tried to push throu twice, but quickly got back over forming a “double bottom”, a pattern associated with a bullish break out. Well it seems the pattern proved correct. The price is right now above $61.50. Very interesting.

brent_0713

Silver is still in a down trend but I expect it to hit restistance soon too, so keep your eyes open.

Update: Seems the market didn’t listen to me (again). The next bar closed at 59,80.¬† Well under the 20-SMA again and testing resistance again. Well see what happens. If it bounces¬† that is a tripple bottom, which is very bullish. If if breaks, who knows where the bottom is. I’ll just wait and see. As of before I hold no positions in Oil at the moment.

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