Tuesday, June 29, 2010
Slippery oil dripping off lower trendline as $WTIC threatens lower again
Time to look at crude oil price charts again! After I posted a while back about my pessimism, and showing the western crude oil light contract ($WTIC) price merely retesting its daily chart broken channel trendline, it chopped around including slightly higher. But it still didn't get firm footing on that trendline. Now it's slipping again as you can see on my daily chart, below. On my monthly chart (also below), while it's still above the Bollinger Band midline, it's again in danger of losing big channel trendline support I've marked. And that chart's indicators show a lot of weakness.