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Light Crude Oil - Downward momentum
Casey Murphy - January 18, 2007


Light Crude Oil - Continuous Contract

January 17, 2007

Last Trade

$52.24

52-Week High

$77.74

52-Week Low

$50.28

Commentary:
The recent weakness in oil prices has brought about many questions of when with the declines will come to an end. As you can see from the chart below, oil prices have moved sharply lower since the highs made in mid 2006, and we think that this downward momentum will continue. The long-term trendline, which we've drawn on the chart, will be used by many traders to suggest that the bears may not rest until they push the price down toward the support near $45.

 



Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    QQQQ   OXY   QQQQ   INTU   QQQQ   INTL   EBAY   BJ   ECA   GYI   GM   WMB   AMZN   PCAR   WMT  


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