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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