BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Two price levels of significance for oil]]>http://www.bloggingstocks.com/2008/08/19/two-price-levels-of-significance-for-oil/http://www.bloggingstocks.com/2008/08/19/two-price-levels-of-significance-for-oil/http://www.bloggingstocks.com/2008/08/19/two-price-levels-of-significance-for-oil/#commentsFiled under: , ,

In the oil market, as in the U.S stock market, there are fundamental analysts and technical analysts.

Fans of fundamentals follow things like inventory levels, global oil demand, and refinery capacity. Fans of technicals follow things like the 50-day and 200-day moving average and chart formations (double tops, double bottoms, etc.).

Moreover, rarely do these two analytical schools merge in one trader: you're usually either a fan of fundamentals or technicals.

A 'hybrid' trader

Energy trader Jim Dietz breaks the mold. He's a hybrid trader, of sorts. He primarily follows fundamentals, but gives technical analysis its proper respect, and currently on the chart are two, technical oil price levels that are worth paying attention to, as they are likely to provide clues regarding oil's direction, he said. Dietz added that he is presently flat, or had no open energy trading positions.

Oil, Dietz said, "has closed below support in the $115-116 range for two days in a row." Tuesday would be the third, if it closes below $115, and if it does, that would be bearish for oil, he said. Oil was down 29 cents to $112.58 in mid-day Tuesday trading.

Continue reading Two price levels of significance for oil

Two price levels of significance for oil originally appeared on BloggingStocks on Tue, 19 Aug 2008 14:18:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>100 oil200 day MA200 day moving average50 day MA50 day moving averagegasoline pricesinthenewsNYMEXoil pricesoil shockU.S. Energy Information AdministrationTue, 19 Aug 2008 14:18:00 EST