OPTIONS PLAY: Crude Could Be Ready To PopCrude Oil Could Be Poised To Hit A New High For The Year, But The Market Must Get Through The $80/Barrell Area First.
MY ANALYSIS
Fundamentally, I look for NYMEX CRUDE FUTURES to rally above $80/Barrell and make new yearly highs for 3 basic reasons:
1. Hurricane Season
2. European Banks Passing Stress Test
3. Improved Equity Prices
Technically, I see NYMEX CRUDE FUTURES as being in a short-term trend higher as indicated to me by the market holding above the 9 period moving average. (more)
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