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Trading > Amateur Investors
Is Crude Oil nearing a Bottom?
Bob Kleyla | Mon, 12/08/2008 - 5:20am | Amateur Investors, crude oil, Elliott Waves, Retracement Levels | 
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The price of Crude Oil completed an Elliott 5 Wave pattern which began with the low in late 1998 and ended with the peak in July of 2008. Meanwhile the price of Crude Oil has now dropped back to its longer term 78.6% Retracement Level near the $40 level which could act as support. Also it appears the drop from July through November is the "A" Wave down in relation to an "ABC" type correction. If Crude Oil does hold support near the $40 level look for an oversold rally to occur as the "B" Wave up occurs. If this "B" Wave up does occur Crude Oil could rally back to the lower to mid $60's over the next few months.
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› Bob Kleyla
Amateur-Investor.Net has been providing Weekly Techincal Analysis of the stock market since late 1999 along with having a Stock Advisory Service. Their Advisory Service has both a Long Term and Short Term Strategy that focuses on those stocks which are developing a favorable chart pattern such as the Cup and Handle, Double Bottom with a Handle or Flat Base. Also they tend to focus on those stocks which are exhibting favorable Sales and Earnings Growth as well. In addition Amateur-Investor.Net provides a Daily ETF Timing Service as well which focuses on the Volatility Index (VIX) and Stochastics. For more information about them you can visit them at http://www.amateur-investor.net
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