Tuesday, December 29, 2009
Is Crude Oil ($WTIC) Going To $95?
For over a month now, I've reported that crude oil ($WTIC) was approaching a pivotal inflection point. In that it has traded on a 4 month lag period to the movements in gold ($GOLD). I've also suggested that the oil drillers were attractive, especially Transocean (RIG) and the the higher beta Pride Int'l (PDE). >>READ
Watch the $82 level a break over that and $WTIC can rally to $95 early 2010. My price targets for RIG is $100 & PDE $40.