hdr//neo// gold // oil, page-2

Hi Dingo,

I'm reluctant to say it, but I think oil has a just a touch further to retrace.

Looking at the NYMEX Light Sweet Crude chart, the $38.50 area is promient as support.

Of course every bull run needs a decent correction and $38.50 needs to be confirmed in my view. I see very little support between $43 and $38.50, a view which seems confirmed by the velocity of the latest falls, and is in line with what the commodities traders interviewed on CNBC/Bloomberg seem to be saying too.

If you run fib, $38.50 is a 38.2% retracement of the $10-35 to $55-65 wave which commenced a couple of years ago. Some decent support here, and the uptrend is still very much intact for crude imho, not even considering the overwhelmingly bullish fundamentals

U.S Inventory numbers are out in next hour, I've got an inkling they won't so good for the price.

Gold, well I'm sure you've seen it already tonight, sheech LOL ...


Cheers,

Christian