Oil prices are once again ramping up and as yet are showing no sign of letting up. It won’t find chart resistance until it hits close to the unthinkable price of $70 per barrel. This is reflected in the oil service stocks. The XOI index has been consolidating above its pivot point and is now poised to make a run for its upper resistance channel which beckons like a magnet.
Tuesday, August 02, 2005
Oil Ramps Higher
Oil prices are once again ramping up and as yet are showing no sign of letting up. It won’t find chart resistance until it hits close to the unthinkable price of $70 per barrel. This is reflected in the oil service stocks. The XOI index has been consolidating above its pivot point and is now poised to make a run for its upper resistance channel which beckons like a magnet.
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