Thursday, August 20, 2009

Will Oil Break Out Or Fail At Resistance?

Ascending wedges have a minor statistical probability of breaking out to the upside.

From Bespoke Investment Group:
...With oil tracking so closely with the stock market recently, it's highly likely that the breakout will occur if the rally in equities continues.


Who knows? I'm gathering chicken entrails and tea leaves, I'll get back to you if they spontaneously turn into a delicious recipe or help me make a call on oil.