The Nymex crude oil futures market this week popped higher and hit a five-week high–to produce a bullish upside “breakout” from a sideways trading range on the daily bar chart. This is one early clue that crude oil prices could be embarking on a fresh price uptrend. However, the bulls must now confront stiff overhead chart resistance at the $50.00-a-barrel level. A close above $50 would give the bulls fresh momentum to better suggest a near-term price uptrend can be sustained.. By the way, I have some educational tools that can help you out. Click here to find out more about my unique educational products.–Jim
Also, check out my reviews of a couple of market analysis software programs that I think are useful for traders. They were developed by markets analysis software pioneer Lou Mendelsohn.
|Stay tuned! Jim Wyckoff firstname.lastname@example.org
(Analytical chart above is derived from FutureSource’s WorkStation)
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