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Big move in crude oil today $WTIC, the weekly EIA Inventory report showed a build >>LINK Itz Stock Chartz over the last few days, has been focusing on an Ascending Triangle formation on the SCO Proshares Ultrashort Crude Oil on Twitter . Those that follow this blog as well as Twitter know that Itz cites a high correlation between Crude Oil & the Canadian Dollar. Today's move can be attributed to a strong move from the $CDW read more.... Crude oil rallied strong up over $2.50 a barrell read... The decline in oil over the last week or so can be attributed to 'smart money' decreasing their long positions as per the latest Commitment of Traders report COT see chart below. Itz has been target $78 on the downside for crude oil in the next few weeks...BUT sees oil to break to the upside in the new year and has a 2011 upside price objective of $110. This is based on Itz observation that crude's move lags that of silver by 4 months as noted back in an October post (see chart from that post below)
More on this in the Weekend Review...
Hope everyone has a great Thanksgiving Day!