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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 8935
Posted: Feb 22, 2010 5:00
Comments: 8935
Forum Topic:
Gold, Oil & Indices (Equity & Bond Indices)
Discuss Gold, Oil & Indices (Equity & Bond Indices)
There are two new technical factors to be added to the negative pressure of the bearish harmonic AB=CD pattern.
1- A bearish candlestick structure.
2-A negative crossover on Stochastic.
These factors can assist the metal to breach the lower line of the inclining channel, opening the door for resuming the suggested negative scenario over intraday basis, targeting 18.40, followed by 18.15 zones.
The trading range for today is among the key support at 18.15 and key resistance now at 19.45.
The general trend over the short term basis is to the upside, targeting $ 21.50 per ounce as far as areas of 16.20 remain intact.
After touching the awaited reversal point that we determined yesterday at 1243.00, the metal started to move downwards as seen on the provided four-hour chart. Stochastic overlapped negatively indicating that the bearish harmonic pattern is still affecting the movements. A break of 1230.00 will open the door foradditional negative actions over intraday basis.
The trading range for today is among the key support at 1209.00 and key resistance now at 1265.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
the well was drilled at the slope of a submarine canyon... BP was warned ahead by geologists
not to drill at that location as very high pressure of methane was assumed.
The relief well may for the same reason not work but is likely to increase the scope of disaster.
I have a gut feeling this will become the turning point for oil same as the three mile accident was for nuclear.
i meant 1265 ... nevertheless volume was thin and in selloff was fat
I had 4 lots open closed 2 at 1233 and will try to close the other other 2 around 1224. Also sold 1.5 lot of silver pockets a nice 8k from that so far so am happy.
It seems incomprehensible that the president and other members of the administration still have jobs when it is now being reported that the federal government was apprised by BP on February 13 that the Deepwater Horizon oil rig was leaking oil and natural gas into the ocean floor.
In fact, according to documents in the administration's possession, BP was fighting large cracks at the base of the well for roughly ten days in early February.
Further it seems the administration was also informed about this development, six weeks before to the rig's fatal explosion when an engineer from the University of California, Berkeley, announced to the world a near miss of an explosion on the rig by stating, "They damn near blew up the rig."
http://market-ticker.org/archives/2433-Gods-Work-Luck-Or-Lawbreaking.html Read here!!!