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Oil: Support at $62.5, and resistance at $65/67.5. Notice the gaps; if these gaps turn out to be "break-away" gaps, we will see oil at $70 within two weeks.
The Thrust Oscillator is rising which means that the current advance may have another 1%-2% to go on the upside. However, the steep negative divergence suggests that when the current advance is over, we can expect a decline in excess of 3%, and it could be as much as 7%.
The current advance may have another 1%-2% to go on the upside. However, the steep negative divergence suggests that when the current advance is over, we can expect a decline in excess of 3% and it could be as much as 7%.
Summary In the report for week of 11-25-05 we had said, "We got to look for the advance to continue until price reaches the 1285-1290 zone for the SP, and in 2280-2300 zone for NASDAQ. At those levels, we ought to get a sharp and short reaction back to support." (see report112505, and also see report121605) In addition, the technical setup appears to be almost identical to the one that accompanied the rally that started in July of 2005. Consequently, we believe that the rally may have another 1%-2% to go on the upside. However, when the current advance is over, we can expect a decline in excess of 3%, and it could be as much as 7%. Notice the similarities between the current rally and the one that started under similar technical circumstances in mid-July of 2005.
Ike Iossif
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