posted Jul 5, 2006 at 12:49AM
Crude Oil has acted as expected, with one last little dip and then a surge to trend-line resistance. It is almost amazing how Iran came back onto the radar screen just as the stochastics brothers were bottoming out.
Coincidence or was the market, like a giant colonial intelligence anticipating that the softness in rhetoric between the US and Iran was coming to a close?
The chart is currently pushing up against major resistance. My feeling is that it won't push through this week but take some time to consolidate before making the decision of whether or not crude is to be pushed up to new highs.