PUBLISHED BY INSTITUTIONAL ADVISORS
March 29th, 2009
Technical observations of RossClark@shaw.ca
Crude Oil - Testing Targeted Resistance
Crude Oil is now into the targeted resistance area at the 100-day moving average ($53.20) and is producing an overbought reading in the RSI(14). The two heavily traded EFTs, USO and HOU.TO, are producing overbought alerts on the daily charts. Look for oil to pullback into the mid $40’s before making another run toward the 150-day average later this spring.
BOB HOYE, INSTITUTIONAL ADVISORS
March 29th, 2009
CHARTWORKS WEBSITE:: www.institutionaladvisors.com
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