On Christmas Day, I said, "Technically, crude oil has been in a correction since peaking on 21 Oct. The short term trendline from 21 Oct has been tested 3 times on 4 Nov, 18 Nov and 1 Dec. Price took a plunge from there and only bottomed on 14 Dec. Closing at US$78.05 means that oil is still in a correction stage. We want to see crude oil closing at US$79.00 or higher in the next few sessions to see this broken. We want to see confirmation in time with price action forming higher lows and higher highs."
Crude oil at US$78.05
Taken from: Oil hovers near $79 ahead of U.S. stock data
On Wednesday December 30, 2009, 7:29 am EST
By Emma Farge, REUTERS
Oil held near $79 on Wednesday as cold weather in the United States and an expected fall in both U.S. crude and distillate stocks including heating oil countered a firmer dollar, shoring up prices after a five-day rally.
U.S. crude for February delivery fell 13 cents to $78.74 a barrel by 1124 GMT (6:24 a.m. EST) in thin pre-holiday trade after touching a five-week high the previous day.
Taken from:
Oil-thirsty China to raise Kuwaiti imports by 50 pct
On Wednesday, December 30, 2009
By Chen Aizhu, REUTERS
BEIJING, Dec 30 - China has agreed to raise 2010 crude imports from Kuwait by 50 percent to about 240,000 barrels per day, trade sources told Reuters, with Chinese refiners set to to process at record rates as demand rebounds strongly.
The jump, which follows a one-third increase this year, comes after Iraq said it would more than double exports to the world's second-largest oil consumer and Saudi Arabia agreed to a 12 percent increase for 2010.
China's fuel demand is poised for an 8 percent expansion in 2010, more than double this year's 3 percent, Sinopec's president, Wang Tianpu, told Reuters last month, amid increasing signs of a strong economic recovery spurred by aggressive government spending.
I believe that the demand for crude oil will continue rising through 2010. Crude palm oil will most likely ride the wave up. Golden Agriculture is testing resistance. It's a matter of time before resistance is broken and a new high is made.
Crude oil to hit US$100
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Crude oil: Update
Wednesday, December 30, 2009Posted by AK71 at 10:27 PM 0 comments
Labels:
crude oil,
crude palm oil,
Golden Agriculture
30 Dec 09: Healthway Medical and Golden Agriculture
Healthway Medical has a white candle day on increased volume. Closing at 13c, it is still resisted by the flat 100dMA. We have a buy signal on the MACD today as it seems set to cross above zero. OBV has turned up sharply, indicating accumulation. MFI is still declining which indicates a lack of short term buying momentum. Still rising 200dMA at 11c limits any short term downside.
On the weekly chart, the increased trading volume is plainly obvious as price action formed a white hammer. OBV has formed a new high. A buy signal on the MACD was first seen last week. MFI has turned up sharply indicating that buying momentum on a weekly basis has strengthened. A retest of 14.5c will probably take place if the resistance at 13c is taken out.
Golden Agriculture closed at 50.5c, forming a doji in the process. Momentum oscillators are still rising although OBV has gone flat. The dwindling volume since mid August is quite obvious on the weekly chart. Without a surge in volume and a sustained one at that, it would be difficult for price to close above the descending 100wMA.
29 Dec 09: Golden Agriculture
Posted by AK71 at 6:54 PM 0 comments
Labels:
Golden Agriculture,
Healthway Medical,
TA
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