WTIC West Texas Oil

wtic may31 2011

Oil has not done much during the past month of May. Looks like a consolidation phase that normally breaks out in the same direction as it was entered, in this case down. A “logical” target , as a minimum, would be about $86 from where the most recent climb started. Also that would represent a pull-back of about 38% of the entire rise from the thirties level. It may take another week or more to complete the consolidation phase.