Crude Consolidates above our Key 3rd tire Downtrend Line

14 October 2009 @ 03:30 pm EDT

Crude futures have managed to pop above our important 3rd tier downtrend line and are currently toying with the psychological $75/bbl level. We highlighted the significance of our 3rd tier downtrend line in yesterday's analysis because it runs through previous 2009 highs. As a result, crude becomes the latest investment vehicle to send a strong buy signal. The EUR/USD has also separated itself from its key 3rd tier downtrend line and is flirting with the idea of testing 1.50. Meanwhile, gold is trading just below 2009 highs and the S&P futures are setting fresh ones. Therefore, crude's key correlations all continue to create an environment supportive of a new leg up.

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