A doubling of the price of oil at the refinery level and actual shortages of gasoline at the pump raised the price of gasoline to outrageous levels for that period. One of the pictures shows the price of gasoline at $3.66. Trying to imagine $7 gas at the pumps now in this far less robust economy we're in now.
Crude Oil Futures as of the NYMEX Friday close.
Crude was exploring the upper limits of the fear premium once again. Moving easily through previously lightly auctioned area from 109 to 114.05. Caution… the lightly auctioned areas can move freely both ways!
112 Minor Acceptance
110.70 Minor support
108.68 Acceptance
108 Support
107.50Major Acceptance
106 Major Support http://www.charthub.com/images/2011/04/24/CL2
HDY HDY found support almost to within a dime of the the January lows around 3.90. I hoping to see this drift in fits and starts to 5.30. The $5.30 area is shaping up as the most accepted price until we hear some price popping news. http://www.charthub.com/images/2011/04/24/Stock_Composite_5
NOG
NOG is holding acceptance at 23.72 on improving volume pressure after re-taking major support at 23.25 (Post S&P mutterings). Late bears will not want to see this much above 24.96 which will put them increasingly underwater with major acceptance areas above.The area above 24.96 was very lightly auctioned in the last move down and any move up could be rapid to major acceptance at 26. Above 26.38 resistance and congestion fades with the next major resistance at 27.86.
27.86 Major Resistance
26.83 Resistance
26 Major Acceptance
24.96 Resistance
23.72 Acceptance
23.25 Major support
Wondering how many here saw these scenes of the Arab Oil Embagoe live and in living color? Raise your wrinkled paw! Were you an odd or even? Did your state have colored flags to show what the situation was at the service stations?
http://www.poconorecord.com/apps/pbcs.dll/article?AID=/20110423/NEWS/104230335/-1/NEWS01&Template=photos
A doubling of the price of oil at the refinery level and actual shortages of gasoline at the pump raised the price of gasoline to outrageous levels for that period. One of the pictures shows the price of gasoline at $3.66. Trying to imagine $7 gas at the pumps now in this far less robust economy we're in now.
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Crude Oil Futures as of the NYMEX Friday close.
Crude was exploring the upper limits of the fear premium once again. Moving easily through previously lightly auctioned area from 109 to 114.05. Caution… the lightly auctioned areas can move freely both ways!
112 Minor Acceptance
110.70 Minor support
108.68 Acceptance
108 Support
107.50 Major Acceptance
106 Major Support
http://www.charthub.com/images/2011/04/24/CL2
HDY
HDY found support almost to within a dime of the the January lows around 3.90. I hoping to see this drift in fits and starts to 5.30. The $5.30 area is shaping up as the most accepted price until we hear some price popping news.
http://www.charthub.com/images/2011/04/24/Stock_Composite_5
BEXP
Areas of Interest
36.64 Resistance CLVN
35.84 Acceptance
35.68 Resistance
34.70 Weak Resistance
34.12 – 35.41 Low volume area…possible rapid movement
33.80 Acceptance, CHVN
http://www.charthub.com/images/2011/04/23/Stock_Composite_8
NOG
NOG is holding acceptance at 23.72 on improving volume pressure after re-taking major support at 23.25 (Post S&P mutterings). Late bears will not want to see this much above 24.96 which will put them increasingly underwater with major acceptance areas above.The area above 24.96 was very lightly auctioned in the last move down and any move up could be rapid to major acceptance at 26. Above 26.38 resistance and congestion fades with the next major resistance at 27.86.
27.86 Major Resistance
26.83 Resistance
26 Major Acceptance
24.96 Resistance
23.72 Acceptance
23.25 Major support
NOG chart
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http://www.charthub.com/images/2011/04/23/Stock_Composite_6
Thanks for all the comments Zorg! Still buried in bunny land. Hope everyone had a great long weekend.
Zorg – thanks for the NOG charts…heres to hoping they have a big week
#8 Amen
Here's one that I think captures a little more clearly what I was noticing about the low volume in the area above 24.96.
http://www.charthub.com/images/2011/04/24/Stock_Composite_7