25 September 2009. Light Sweet Crude Oil price on the New York Mercantile Exchange (NYMEX) was unable to move higher after it hit a high of US$75 a barrel on the 25th of August this year. Exactly a month later, the price fell US$9.00 or 12% to US$66.0. The short term price trend is now bearish but the longer term trend is still bullish. The 30 and 60 day moving averages have started to decline and the price broke the uptrend line (S1) that was intact since March until a few days ago. However, the longer term 90-day moving average is still increasing.
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Article contributed by Private Trader, Market Expert, Trading Coach and Chief Market Strategist of Nextview, Mr. Benny Lee. For more articles and commentaries from Benny, click HERE.
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