Crude oil set to EXPLODE!!!!!!

Discussion in 'Technical Analysis' started by myminitrading, Nov 1, 2006.

  1. This is quite a divergence we have going on here, price has stabilized and 14 period RSI has been rising. Lets see what happens, looks bullish.
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  2. its been very choppy recently and when choppyness starts i dont look at anything but s/r breaks. Indicators give too many whipsaws

    break above the $65-$67 may signal a significant uptrend but atm i doubt thatll happen. The only reason its stabilized at $60 is that OPEC's been cutting production. Theres basically a price floor at $55-$58 for crude due to OPEC production quotas