The oil looks so bullish but can it go past the last year’s high of 78 to 80 dollars a barrel? What happens if it fails to go past that?
Carolyn Plaza
Jul. 14, 2007

The crude oil market looks real bullish. But at the same time as oil goes up the gasoline in terms of future contracts and at the gas station is actually going down. Investors are wondering what is this about?

The oil is in a short-term bull market ready to test the last year’s high. But the fact that Natural Gas and Gasoline are not confirming this rally, it says the rally will test the old high but will need further consolidation to cross the resistance.

Normally in a bull market, it needs a third attempt to cross the barrier. This will be crude oil’s second attempt. Consequently in the middle of incoming supplies crude oil will test the old high, perhaps breach it slightly and then fall back to $66 level.

The supply is strong and the mild fall normally is not a seasonally strong time. Crude oil has more to go on the upside and then it will most likely retest the support at $66 per barrel.

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