Looking at the oil charts it appears a new range is developing for NYMEX WTI Crude Oil. There appears to be good support at $85per Bbl with over head resistance at $110per Bbl. With this new support/resistance there is a high probability that crude has established a new trading range from $85per Bbl to $110per Bbl. Based on this and being at the low end of a new range I am looking for a rally on energy related stocks, especially oil service and drillers. All the energy stocks have been hard hit over the past week and I believe allot of this selling came [...]
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[Source: The Money Blogs]
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