With all resistance removed, sky is now the limit for oil

March 04th, 2008 | Category: Bad News, International Markets, Commodities

First oil traded through and closed above the penultimate psychological resistance — the incomparable, the dreaded $100 per barrel resistance level.

Now oil has traded above its final resistance — the all-time nominal high of $103.76 set back in April 1980. Oil traded at $103.95 Monday to break the record, and flirted with it for awhile early Tuesday, before profit-taking sent the world’s most vital commodity down $3.25 for the day to shut at $99.20. per barrel.

There have been many firsts in the Bush Administration-led United States. And now the administration can add

another, but it may not be one they’d like to brag about. In the industrial, contemporary and now postmodern eras, oil has never cost more than it has in 2008. Oil has no more resistance above it, psychologically or technically: as they say in the trading pits, from here on, the sky’s the limit for oil.

Continue reading With all resistance removed, sky is now the limit for oil

Original post by Joseph Lazzaro

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