Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Tuesday, April 11, 2006

Crude Oil Testing Highs & Resistance

I posted a blog entry last month about SWN and the possibility of a short based upon the overall trend of crude oil. That post can be found here: Southwestern Energy Short?

If you scroll down to the bottom of that entry, you will find a chart I uploaded of crude oil showing where the resistance plays a major role. If crude fails to make a new high without surpassing the resistance, I will start to look at several short term shorting opportunities within the sector (SWN being one of them). If SWN reverses and closes below the moving averages, the short will be on (in my case, I am buying put options to follow my idea).

This link takes you to an article that talks about the possible push to new highs for crude oil: Oil retreats to $68 after falling short of record

Piranha

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