Friday, March 25, 2011

Crude Oil Approaching Key Technical Levels

The market has completely brushed off - indeed embraced - the rebound in oil the past few days, despite price levels than 3 weeks ago were causing consternation.   After the Japanese news (remember that 'old' story?) temporarily punctured the price, we've seen a rebound and the price in West Texas Intermediate has reached the old closing highs from earlier in the month. 

Technically this is a very interesting juncture - in a stock chart, this would be setting up for either a double top (bearish) or a double top breakout (bullish).  If it's a breakout, I'll be very interested to see what price levels the market can continue to shrug off as apparently every piece of news the past 6 days requires a gap up to celebrate.

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