Tuesday, November 29, 2011

WTI OIL $112 Price Objective

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U.S. crude stockpiles rose 3.4 million barrels in the week to Nov. 25, compared with analysts' expectations for a 200,000-barrel fall, weekly inventory data from the American Petroleum Institute showed on Tuesday. In futures trading WTI crude pulled back to $99.25 & currently at $99.65.

Geopolitical tensions in Iran storming the British Embassy and Euro zone ministers agreed on Tuesday to ramp up the firepower of their rescue fund.

The U.S. Energy Information Administration will follow with its weekly report on Wednesday. Friday is the BLS monthly Jobs Report. More significant OPEC meets on December 14th.
ITZ has observed two Cup & Handle chart formations the current on a 30 minute chart...if that plays out...then we'll be watching the 4 hour chart for another possible Cup & Handle to develop.

click chart to expand image

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