Another interesting week and a week that saw the market completely discount all of the bearish information and embrace anything remotely bullish. From an objective evaluation the bearish news has more than outweighed anything bullish on the week. However, that is not how the market has viewed it.
We expect the market is likely to lose steam to the upside as prices now approach upside resistance. We clearly remain in a trading range market. We expect this pattern to continue well into next week.
Currently prices are lower.
| Current Expected Trading Range | | | ||
| | 2/15/08 | Change | Upper | Lower |
| | | From | Resistance | Support |
| | 7:11 AM | Yesterday | | |
| Mar WTI | $95.39 | ($0.07) | $97.50 | $85.25 |
| Mar HO | $2.6540 | ($0.0126) | $2.6600 | $2.4000 |
| Mar RBOB | $2.4727 | ($0.0034) | $2.4900 | $2.2000 |
| Mar NG | $8.740 | ($0.032) | $9.000 | $8.000 |
| | | | | |
Dominick A. Chirichella
Energy Management Institute
tel 646.202.1433
fax 801.383.7510
dchirichella@emimail.org
www.energyinstitution.org
www.advancedenergycommerce.com
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