Oil market

Thursday Oil Market Round-Up
from The Bonddad Blog by bonddad
http://bonddad.blogspot.com/2008/08/thursday-oil-market-round-up_21.html

This article make me do some research. Sure Bonddad is right. I may add following:


Now the upper channel can be seen. Price is on the support.
Last 2 years, oil was there 4 times and I think line will hold.
There is a horizontal support @ 110 and one more @ 100.
The correction from $148 to $111 is 38.14% from move high from $85 to $148.

As the drop was so streight and violent, I can not estimate any upside target,
probably if oil begin to raise, it will raise to 148 at once, without any correction.