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Charts 21
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May 14, 2008
Temporary Oil Tp in the making
Under the constraint of our principal technical indicator of overbought condition, a temporary top of the price of Oil is now in the making at around the $125 level anticipated earlier (see: Computer simulation of possible Oil prices ). In the chart below, the price of Oil reached the extreme 80 % above the 48 months moving average which, with few exceptions, signaled price tops in the past.
Temporary Oil Tp in the making
Under the constraint of our principal technical indicator of overbought condition, a temporary top of the price of Oil is now in the making at around the $125 level anticipated earlier (see: Computer simulation of possible Oil prices ). In the chart below, the price of Oil reached the extreme 80 % above the 48 months moving average which, with few exceptions, signaled price tops in the past.
| Oil price at the 80 % limit above the 48 mos mavg | |||||||||
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| Average monthly data as of May 13, 2008 | |||||||||
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