PUBLISHED BY INSTITUTIONAL ADVISORS
May 10th, 2009
Technical observations of RossClark@shaw.ca
The oil action of the past four years is correlating well with the action of the copper market thirty-four years ago. Not only is the structure of the patterns similar, the final 18-month rally of 189% to the top in oil closely matches the 180% move in copper. Moving averages have provided support and resistance in both markets. Most recently, the 40-day moving average (green) has provided support around $47 and the 100-day average (red) was the cap around $55.
The next stage in the pattern calls for a short-lived push up from the six week consolidation to straddle the 150-day average (blue) in the $58 to $60 range and then a few months of downside pressure. This fits well with the normal seasonal pattern of a high in May and low in late June through mid July.
BOB HOYE, INSTITUTIONAL ADVISORS
May 10th, 2009
CHARTWORKS WEBSITE:: www.institutionaladvisors.com
The opinions in this report are solely those of the author. The information herein was obtained from various sources; however we do not guarantee its accuracy or completeness. This research report is prepared for general circulation and is circulated for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not necessarily a guide to future performance. Neither the information nor any opinion expressed constitutes an offer to buy or sell any securities or options or futures contracts. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment mentioned in this report. In addition, investors in securities such as ADRs, whose values are influenced by the currency of the underlying security, effectively assume currency risk. Moreover, from time to time, members of the Institutional Advisors team may be long or short positions discussed in our publications.
|Home :: Archives :: Contact||
March 31st, 2020
© 2020 321energy.com