Monday, August 31, 2009
Some I read for a little balance
Both the above image and the SYNOPSIS + OUTLOOK are reprinted with permission from PROMETHEUS MARKET INSIGHT Weekly Review. Its produced by a pretty smart guy who has a different take and timeframe on things than I do, and I like his stuff. Its not for short term trading,but one of the few people out there that wont kill you with words or leave you more confused than you started.
You can access his site at "www.prometheusmi.com, and off my link sidebar.
Oil closed slightly lower this week, holding near recent highs of the uptrend from early 2009. A double top may be in the process of forming, and unless prices can move appreciably above the recent high near $74 a reversal will become more likely.
A close well above current levels would reconfirm the uptrend from February and predict additional gains, while a break below uptrend support near $72 would forecast a retest of nearby congestion support at $60. Both scenarios remain equally likely. "
Have fun, I am liking this dip as a short term buying spree, but please observe your stops and limits, as we dont know how long any upside might last.
If I failed to mention it, Advantatge Energy [ AAV ]looks like its on its own trip, after converting from a trust to a straight corporate structure. DYODD, maybe it will be featured in a future issue for subscribers.