The Line To Watch
The early move was crushed by the Staten Island gasoline storage facility
fire. The subsequent rally stalled at the February 4 gap area. Interestingly, it
also was turned back at a trendline which started on January 29. If we can take
this out, the AB=CD move off the 2/13 low would be up to the 877 area. War fears
may prevent this from happening, though, but that line is certainly one to
watch, as a breakout from there may lead to higher prices.
Have a good weekend,
Brice Wightman