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Commodities Preparing For Summer Bull Run?
Monday, May 4, 2009
by Lee Lowell, Futures Options & Commodities Specialist, Smart Profits Report
With many major commodities looking to gain some traction, the oil market seems to have found a pretty solid support level near the $40 per barrel mark.
As you can see from the chart, it hasn't broken below that level for any sustainable period of time since drifting down there towards the end of 2008.
With the price currently trading around $54, the market seems locked in a tug-of-war between large supplies and slack demand, versus the decreased output that the OPEC oil cartel has pledged.
That means we should continue to see the oil market trade in this wide current range of $35-$60. However, the upside seems to be the path of least resistance at this point and if the market can rise convincingly above $55, we could see a quick run to $70.
semoga aja dehhhh....
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