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Commodities: Oil Correction Likely; No Gold Bubble

Posted on May 21, 2008

The following was excerpted from Agile Investments' Monthly Market Review:Energy continues to be the major story in the financial markets. Oil prices, which have just topped $125/barrel for the first time ever, have nearly doubled over the past year. The price of oil is clearly very stretched on a short-term basis. Oil is trading 35% above its 200-day moving average, which matches the largest upside deviation from its longer-term uptrend line since oil s bull market began six years ago. Undoubtedly, a correction is looming (perhaps back to the $90-100 level?), but those looking for a major, ...

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bull market , trading