Spread Betting Opportunities: November 19, 2007
Monday November 19, 2007
This edition of Spread Betting Opportunities examines the immediate outlook for Nymex Crude.
Short Term Market Outlook: Nymex crude
The most recent chart of Crude Oil is presented below.
After a volatile week, Nymex crude finished off the week with solid gains of 177 points on Friday. I had previously anticipated the fall in crude prices from the recent peak but stated that while we remain in the long-medium term bullish move, the best bet for conservative traders might be to hold fire and look to buy as prices hit support levels (in expectation of another rally).
From a technical perspective, the close back above that trailing blue line in the chart in the middle of last week was the first indication of emerging bullishness which was again confirmed by further closes above that price benchmark later in the week.
From current levels, the technical evidence suggests that Nymex would now retest the recent highs around $98.62, with a strong likelihood that we see a new high for the year over the next few trading sessions. As always, conservative traders should be mindful of important support areas and place stop losses as appropriate.
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