Market Analysis for Aug 24th, 2005

Since last Thurs. pullback low at $62.75 (basis Oct. crude), oil prices have reversed with a vengeance, and nearly have recovered the entire correction from $67.75. My work argues that the upmove off of $62.75 represents a new upleg in the ongoing larger bull move in crude... which projects to a next target zone of $$68.50/90, and then to $70-$71. Only a break below $64.65 will compromise the still bullish technical picture. MJP 08/24/05 2:05 PM ET.. 1221.25 and $66.90/bbl.

For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary. Or try his QQQ Trading Diary.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!