20080729 1039 am ET. Crude Oil futures has hit the target of USD21 per barrel. So much for the analyst who said when the price was usd130, "Well, if you think of crude oil going to usd200 per barrel, then this is a good level to buy..."

Crude Oil futures chart

20080722 OK, the crude oil is retracing upwards. If one is looking for a move to 121, the logical place to turn short again is just in front of the 50 moving average, around 133.9 to 134 area. Stops can be well defined at the next moving average.

Crude Oil futures chart

20080719 Further drop in crude oil futures. It seems the bubble has well and truly popped on the overexuberant bulls (silly ones), it is good for the consumer, hopefully the cost of air travel will fall back. The price action of this sell off indicates the big money cashing out and turning short this market. Looking forward, it is probably going to bounce, suck in more stale bulls averaging losing positions then fall to new lows of us120 per barrel.

Crude Oil futures chart

20080718 Well, the double top triggered the short to 129 currently. US120 per barrel beckons.

Crude Oil futures chart

20080716 Crude Oil is showing a possible 'double top' formation, break of 135 sees 120 beckoning. This time the fundamentals may help the short cause, with 'significant downside risks for the economy' words by Bernanke.

Crude Oil futures chart

20080708 The expected scenario panned out, so shorts were indicated 2 days ago on the crude oil futures. This unwinding of the irrational exuberance of the long crude oil speculators has the potential to go far...

Crude Oil futures chart