Crude oil pulls back after hitting $126.40, breaking records 6 days in a row

This article belongs to the NYMEX crude oil price records story arc.

abcnews.go.com :

Oil prices briefly spiked to a new record above $126 a barrel Monday [12 May 2008] but ended the day lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand. Oil futures have set new records for six straight sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward. Light, sweet crude for June delivery jumped to a new all-time trading record of $126.40 a barrel in light trading on the New York Mercantile Exchange [NYMEX] before falling back to settle at $124.23.

- Crude oil is taking a break after breaking records 6 trading days in a row - which is quite a feat. If you were to pull up a 1-year chart you'll see that for the last week or so it has been going up at a near 90-degree angle. And of course nothing goes up in a 90-degree vertical straight line, not even crude oil prices, so there's got to be a correction somewhere. I've been eyeing the support levels of $120, $110, $100 and $90. I am already long oil via oil-related equities and Canadian energy trusts, but I had also been looking for an entry point into oil itself as a commodity. This correction may represent such an opportunity. It would be showing incredible strength, however, if it stays persistently above $120. Resistance levels remain at $150, $180 and $200, and beyond that, around $300 and over $400.

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