A Look at Crude Oil
posted Oct 31, 2005 at 06:29PM
Daily Crude Oil Chart
Three Year Crude Oil Chart
Weekly Crude Oil Chart
A move down to the 200 dma should see oil in a great technical buy (i.e. oversold) position.
Oil should remain in its bull market barring a complete economic collapse. Shoulder season is coming to an end and the emotional froth from the hurricanes has been worked off. However pre-hurricane production levels have not returned to normal as of yet.
As well COT data shows that the commercials continue to be in a net long position.
Crude Oil COT Data