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Oil Now Above the Falling Trend LineTop ↑  June 09 2011 Oil will not give up so easily. Notice that commodity found the support this week around 97.60 from where sharp upward reaction occurred after the Crude Inventories showed a huge drop of -4.8M barrels. Prices moved higher and broke a falling trend line from May 2nd highs, which suggests that correction, started back in May 6th at 95.24 is still unfolding. But no doubt, we still believe that whole bounce is just temporary, identified by of a corrective personality, slow and choppy waves! Now we are looking for possible double zig-zag, with another push towards 104.90 once 103.35 is broken. .gif)
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