Crude oil intraday

LONG @ 76.25

bounce off support @ 75.55

SL is @ 74.80
TP @ 79.45

hi friends!
i want to buy & hold Light crude oil for a month or 2 month.
at which level should i buy crude & hold it for 1-2 month.
pls sugest me best level.
from last 1-2 months it has traded between USD 70-76 .
can i buy & go long at USD 70-71 or should wait for another correction upto USD 60$-65$ ??
& also tell me the target price.
pls guide me.
Thanks & regards
Dattatreya

Nymex Crude Edges Higher In Best Week Since May
By JERRY A. DICOLO
Of DOW JONES NEWSWIRES

NEW YORK -- Crude futures settled higher Friday, capping the biggest weekly rally since May.

Focus centered on dropping crude-oil inventories in the U.S. and rosier economic data. Next week, traders will be looking to corporate earnings to signal what's ahead for the broader economy and oil demand.

Light, sweet crude for August delivery settled 65 cents, or 0.9%, higher at $76.09 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 72 cents higher at $75.43 a barrel.

Benchmark gasoline futures held above $2 a gallon despite fresh data pointing to continued sluggish demand in the U.S., the world's biggest user of oil.

For the week, crude futures rose 5.5%, eating into last week's 8% slide caused by a batch of underwhelming economic data that raised fears about the pace of recovery. An unexpected drop in U.S. oil inventories Thursday kept prices elevated, though the threat of weakening demand, evidenced by rising stockpiles of gasoline, left traders awaiting clearer signals on the price of crude oil.

"They tried pushing it higher on the big draw in crude, and pushing it lower on the gasoline," said Hamza Khan, an analyst with The Schork Report, which tracks the market. "What's keeping us up was the big draw we saw yesterday."

Oil was awash in conflicting data this week and continued the see-saw trading pattern that has characterized it since early May, when crude hit both its front-month high and low for the year. The market has traded roughly in line with equities, which are seen as an indicator of sentiment on the pace of economic growth.

Oil's gain on the week came in just above the 5.1% rise in the Dow Jones Industrial Average.

In addition to the bigger-than-expected decline in stockpiles and the stock market, the unexpected drop in initial claims for unemployment benefits also spurred optimism that demand for gasoline and other crude oil products may improve as the economy recovers.

But the indicators have been inconsistent. For instance, the drop in oil stockpiles came with an unexpected rise in gasoline inventories at the height of the summer driving season. While U.S. gasoline consumption has begun to recover, the pace of demand growth is subdued by the persistently high rate of unemployment and increased blending of corn-based ethanol into the motor fuel.

Gasoline futures prices have fallen 15% since hitting the 2010 high in early May. Front-month August reformulated gasoline blendstock, or RBOB, settled 1.89 cents, or 0.9%, higher at $2.0700 a gallon on Friday. The factors weighing on gasoline are also spreading to the outlook for diesel demand, which is driven by the amount of goods being shipping by truck.

"It's a battle out there between signs of whether the recovery is proceeding versus worries about whether we are at the precipice of another downturn again," said Gene McGillian of Tradition Energy.

Analysts said market participants were beginning to look ahead to next week, when the corporate earnings season kicks off with materials-giant Alcoa Inc.'s (AA) quarterly results Monday and economic data on consumer confidence, imports and production that may offer a clearer picture on the pace of economic recovery, and oil demand.

August heating oil settled 2.04 cents, or 1%, higher at $2.0257 a gallon.

(Naureen Malik contributed to this article.)

--By Jerry A. DiColo, Dow Jones Newswires; 212-416-2155; [email protected]

Research yourself. Analyze yourself. Trade yourself. After all it's your own money

anybody still trading oil?

It's better to be in before it pops up

1 OR 2 ? where break the white triangle ? WEEKLY CHART.

Back above 75... nice move up!

good video series on the history of Oil, based on the book by Daniel Yergin "The Prize"

http://video.google.com/videoplay?do...93093015423860#

whats next target? 79-82 ??

near 78 now

Crude is now showing clear busllish trend???
or sideways yet??????

Oh yes people forget oil but oil is catching up the other commodities and it can only go one direction: north !!!

oh yah!!!!
it has touched $84.
will cross in & trade above 85-86???

any special causes??

what will be next target???
above $86 ????
or again below $80 ??

its good to see this analysis but in my opinion oil is coming back now due to some supportive fundamental and over bought technichaly.

no special cause and oil will fall below 80 in this week.fundamentaly and technichaly over bought.

mujji

thnks for reply.....
i have shorted @ $ 82.20
now waiting level below $80