oil bottomed?, page-2

Rowser, for those of you who like tea leaves (for those of you who don't, just ignore), the following is my picture of the WTI price movement. Imo we have seen the return to a significant historical price range between $77-87 and I expect to see support at the $76-77 level tested.

What will drive the movement from that level will of course fundamentally be world supply/demand events. Supply triggers (middle east troubles) have been the source of the two most recent highs last year and this year, and I suspect in the short term Europe probably is going to be the key trigger for a bounce or breakdown at that support level, as there appears to be some modest signs of growth in the US even if still shaky.

Cheers, Sharks.