<http://www.incrediblecharts.com/tradingdiary/2008-05-20_gold_forex.php#crud e_oil> Crude Oil
June 2008 Light Crude broke out above its narrow consolidation at $125 per barrel and is likely to test $130. Reversal below $124, while not expected, would signal another retracement to test support at $120. Rising trendlines show an accelerating up-trend, or self-reinforcing cycle. We are likely to witness a sharp upward spike if the acceleration continues - followed by a steep drop as the market corrects from its excesses. Crude oil The long-term chart of Brent crude shows price at the upper border of the trend channel. Further rises above the channel would again warn of a blow-off spike. Brent crude oil
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