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Brent Crude Oil hits $140 a barrel

Posted by Adrian on June 27, 2008

As I mentioned in a post on June 17th 2008 under World Crisis scenarios for the 21st Century – Peak Oil (update 13): Looming Oil option price at $140.00 a barrel (Brent crude).

After reaching peaks of 139 a barrel, it was analyzed that oil will break into 140. I prematurely called 19th June 2008 as the date that oil would hit 140.

The trade would have been bought when it hit 131 (June 18th), as I mentioned in the June 17th post oil was slightly over bought. The choice was to either close the trade prior to the 19th June 2008 when oil was trading at 136, or continue to go long for the 140 mark.

The trading range from the June 17th post was set at the lower trend line of 125, this should be moved up to the 128, and hold the upper range at 140. The market appears to be trading in that range even though resistance has been broken at 135. Take profit should be effected for this trade now at 140.

Please click on graph for larger image


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