Crude Oil Futures Relentlessly Higher

J. Taylor's Gold, Energy & Tech Stocks
"Oil futures broke through $142 and traders are moving between $142-143 on this last day of June 2008. The next higher resistance is $146.60 followed by $150. Bad news on weather, production, or the Middle East could spike it to $157 before a pullback. We have several support and resistance oil prices all the way to $176 during 2008. Today, June 30, 2008, closes trading books on the second quarter and first half of 2008. Traders on this date normally go flat or seek a neutral position. Further, we are in an energy soft spot on seasonal cycles. However, we began the hurricane season June 1, which lasts through November 1. Long term hurricane forecasts are for rougher than normal weather, but we have yet to see a prediction on the number of named storms and the projected number of storms expected to cause major damage. September historically is the worst hurricane month of the entire season." (7/2/08)

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