NYMEX Crude : When fear takes over

The chart below is a 240 minute look at NYMEX Light Crude, and as you can see it’s hovering around the 106 mark. First main support is 103 or so, but with the Libyans just waking up, the hours ahead could see a 2-3 dollar move in either direction.

The second chart is the monthly view, which points to the 110-120 rage as the next hurdle, which should remain intact unless Saudi goes the same was as its neighbors, in which case a new all time high will be guaranteed.

 

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