20080827 An inverted head and shoulders formation forming? Might be, for crude oil futures, if 122 is breached on the upside we can see 127. Time will tell.

Crude Oil futures chart

The crude oil futures is now up 0.20, after being down over 1.40 this morning (Asian time). In case you are skeptical that the crude oil may bounce from here, take a look at history, back about a year, when crude plunged to US91 per barrel in Nov 2007. Guess what price it went up to? US145....

Crude Oil futures chart

20080812 0914 ET. Crude oil futures are now up US1.05 per barrel, vindicates somewhat the decision for the long position.

Crude Oil futures chart

20080811 With the Russian/Georgian conflict looming andongoing, crude oil may rebound to us120 per barrel. Might be time to look for buy levels.

Crude Oil futures chart