Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Sunday, February 26, 2012

Crude Oil Analysis for the Week of February 27, 2012

Crude Oil Analysis for the Week of February 27, 2012

Crude oil surged last week to its highest level since May 2011. The close at $109.77 represents a $13.96 gain since bottoming at $95.81 on February 2. Not only did the market breakout over a downtrending Gann angle from the $114.09 top at $108.72, but it also closed on the bullish side of a steep uptrending Gann angle from the $95.81 bottom. This angle comes in at $111.81 this week which means crude oil has to rally at least $2.05 to maintain its torrid upward pace. If April crude oil begins to flatten or if upside momentum begins to slow, then…Read more...

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