NYMEX Crude (CL0Y) : Long entry at US$ 86.10 work a look
February 11, 2011 Leave a comment
Not a lot of good news on the wires Friday, chances are we will see a huge battle today in Egypt, and if indeed events escalate there as the end game near for Mubarak’s fascist regime, oil might get a hefty lift after a bad week. With NYMEX Light Crude continuous contract (CL0Y) trading at US$ 87.07, key support is at US$ 86.10. A breakout above US$ 88.2 will be the sign of a ramp in progress, albeit likely to occur this evening after Thai market close. A conditional long entry at US$ 86.10 with a stop at US$ 85.88 is worth consideration, with US$ 88 the first target, and if Egypt blows up, probably to US$ 89 – its 120 and 180 hour average price in no time.