Wednesday October 31, 2007 
Wednesday October 31, 2007
Now that Nymex crude oil prices have come off the all-time record high of $93.80 and with Goldman Sachs making its "sell oil" recommendation, this could be a good time to look at possible technical support levels. From the chart above, we've got $85, $78, and $70 (or just a bit below).
$78 seems to me to be an important support level. Of course, this could be wrong, but there are a few things going for it :
1. This whole $80 and $90 oil business started when oil broke through $78.77.
2. The previous record a year earlier was $78.40.
3. $78 is just a little over 2 Yergins (2 x $38).
A Yergin is a unit of measure used among some in the peakoiler community. It denotes a multiple of $38 of the oil price. You should see peakoilers break into uncontrolled laughter whenever this is brought up. We get laughs from it all the time.
One of these levels might provide the floor to act as a springboard to bounce to $100 (and beyond). We'll see.
- Update : Scratch that last. It's bounced off $89 and set a new record high at :
$94.00
$95.80
$96.21
$96.24
(2007-10-31 14:40:49 SGT)
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Now...prepare for the big one
Posted by simontay78 on October 31, 2007 at 02:47 PM SGT #