Chart Of The Day: Crude Oil At Critical Level Ahead Of US-Iranian Meeting

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Chart Of The Day: Crude Oil At Critical Level Ahead Of US-Iranian Meeting

By Brian Kelly on September 28, 2009 | More Posts By Brian Kelly | Author's Website

Crude oil is trading at a critical technical level going into the US-Iranian meetings. If the July rally represents a new wave up, then the most recent moves can be viewed as a correction. The last line in the sand for this correction is 65.34 or a 78.6% retracement of the July rally. If oil holds this level then the next move could be a decisive break above $75.

December Crude Oil

Given the potential for a political showdown it is entirely possible that oil ignores any economic or dollar based catalysts for lower prices and begins to trade on geo-politics.

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