http://stockcharts.com/charts/performance/perf.html?$indu,$usb,$usd,$gold,$wtic
http://blogs.stockcharts.com/dont_ignore_this_chart/2009/10/inter-market-leaders-for-2009.html
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OIL tumbeled 9/21 to 9/24 from 72 to 66 reached 66 on 9/24 Thursday
and remained 66 to 67.5 from 9/24 to 9/30 Wesnedday , that is 1 day less than a week for OIL to remain at the same price while S&P maintained at 1050 and EURO EURO maintained at 1.465 level.
When EURO , S&P maintatained same level for a week , OIL dropping 6% and statying there for 4 trading days this is unusual . We need to test this price SETUP and run on TS on historic data to see the ODDS of OIL going UP
so looking at comparision chart of SPY , FXU , USO for this week may give some idea.
- also do a rolling ( last ) 5 days change, 4 days change, 3 days change charts to see patterns . comapre those patterns with previous low points of OIL and how they came back .
bunking the GURUS
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all 3 gurus 1) JIM ritter bush 2) PHIL pgbbest 3) Brad Zigler all said bearish
JIM gave short at 68.50 level ( he gave on 9/30 before EIA report ) , phil at 68.50 level
- these GURUS did gave bearish last week before EIA when OIL was 72 but they said NO short , it can go to 75
- but when it is 66 how can they just say based on fundamentals just short
- it seems market makers /big traders patiently waited to keep 66 level for 1 week while equity markets gained ...
http://www.greenfaucet.com/technical-analysis/bears-hold-the-technical-advantage-in-the-crude-market/30667
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