Thursday, August 7, 2008

Oil Prices: Support and Resistance

A nice chart. They may give Bespoke a run for their money in the simplicity stakes.
From Money Morning (Australia)
Click on chart. Then, depending on your browser, click again

Technically, the price should fall lower. As we said in our last update (July 22), the first support of the price correction was the level of $120. It’s now broken....

...Consequently the next targets are around $111, $98…and the main one is around $83. In short, the slide has further to go.