2008 saw crude oil create a major reversal pattern. Similar to gold this commodity has had a magnificent bull run since 2002 and although the much anticipated $200 per barrel was expected to be reached without any effort, the sharp reversal caught many unsuspecting traders off guard. Sudden surprises in 2012 should not be ignored.
The commodity markets have experienced major moves over the last decade and given the range expansion seen in 2008 followed by range contraction, this could lead to large moves ahead. Key levels for oil are $74.00 as a major support and $104.00 as the first ceiling, followed by $123.50 as the main objective. If oil fails to push higher in 2012, there is a remote possibility that the $30 per barely could be tested. The monthly chart demonstrates that the recent uptrend from late 2008 could be seen as a corrective rally and another major swing down should not be ruled out just yet. The current trend however is bullish unless $74.00 is violated.(source http://www.cityindex.co.uk ) For the latest updates on the stock market, visit Stock Market Today
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