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                                                                   Technical analysis for crude oil
Crude oil prices hit an all time high near $120 a barrel after a strike in a refinery caused a pipeline system to shut down in UK. The pipeline usually delivers a third of Britain's North Sea oil to refineries which is more than 700,000 barrels of oil per day. In addition to that, 5 police officers were killed by unknown gunmen in oil-rich southern Nigeria which only added to supply fears of consumers while boosting crude oil prices. Friday, the contract gained $2.46 as it closed at $118.52 while recording a high of $119.55 per barrel and a low of $114.51 per barrel. Today oil so far recorded an all time high of $119.93 per barrel as the output in Nigeria declined by 50% since April 25 due to what we mentioned above, which is adding to economies inflationary pressure as oil prices continue to rise. Oil prices rally is also supported by the weakening dollar in which investors enter crude oil markets as a hedge against inflation and the falling greenback as it becomes cheaper for foreign investors as they hold a stronger currency. Today, the market opened at $118.94 which is the lowest set until now
Seeing that there are geopolitical tensions, this will only cause oil prices to continue forming bullish waves. By this investors are assured as they sit around and make profits, while consumers hope this will soon end as the summer season is coming just around the corner where massive demand on gasoline is seen with the known driving season.All Above facts are indicating thar crude oil is further looking strong but Financial astrology says now Honeymoon of Crude oil bull's is over any time big vertical fall is expected in World future market. Only thing required is Patience . Traders may go for short in crude oil with Stop loss US$ 122 for traget Us $ 115 very shortly. As per stars this time Not only crude oil but also all most all commodities were falling from their higest hights . Us dollars are almost at edge of bouncing back . I shall not surprice if Us dollars shoot up like rocket aginst all Market expert views. This artical may please save as record for future refrence . As i always say that no analysis is compleate unless time frame is define . So this above vertical fall is expected within 10 to 15 trading days. Remember all hedgefunds brokrage hosue will surprice to see Us dollars shoot up.
 All the best  to all the traders  However one can follow technical data in crude oil.

Support
119.17  118.72  118.43  118.21  117.71 
Resistance 119.94, 120.20  120.49  120.88  121.16 

Recommendation-  Sell Crude oil at higher levels .

  Happy trading
 
  Lt Col Ajay ( 28th April,2008)
  Astromoneyguru
  CEO
 www.astromoneyguru.com
 www.majormoney.in

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