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Oil Is in a ‘Stalemate’ Between $70 and $75: Technical Analy

Bloomberg -- Oil in New York will trade in a $5 range in the short term as prices are locked in a “stalemate,” according to broker Newedge.

Crude for October delivery is stuck between $70.76 and $75.59 a barrel as price movements illustrated by candlestick charts show a narrow gap between the daily opening level and closing for trading on Sept. 3 and Sept. 7, said Veronique Lashinski, a Chicago-based analyst at the brokerage. That means neither buyers with expectations of rising oil nor sellers expecting a decline are able to influence direction, she said.

“The last two days’ price action featured small-bodied candlesticks which illustrate a stalemate between the bulls and the bears,” she said in a report yesterday. “Our bias is neutral in the short term.”

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Submitted Sep 08, 2010 By: ziyulu

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CruisinLinda Champion Author Tallahassee Posts:7,947 Points:1,621,420 Joined:Sep 2005	Message Posted: Sep 8, 2010 11:36:40 PM Ignore CruisinLinda Report Abuse Making more efficient gasoline ICEs misses the point that we are trying to wean ourselves from gasoline and oil for various reasons. They emit carbon dioxide; their prices are volatile; their supply is limited, and much is found in politically unfriendly or unstable countries. This is why we are moving to more electricity in our fuel mix with hybrids and plug-ins.
gasoutherneagle Champion Author Georgia Posts:1,758 Points:629,255 Joined:Sep 2008	Message Posted: Sep 8, 2010 2:55:27 PM Ignore gasoutherneagle Report Abuse no no the traders are in a rut. Just like some peoples tires!
TripleHs Champion Author Austin Posts:1,310 Points:494,530 Joined:Oct 2009	Message Posted: Sep 8, 2010 2:40:07 PM Ignore TripleHs Report Abuse yeah, stuck now
davidel57 Champion Author Houston Posts:4,928 Points:854,565 Joined:Apr 2008	Message Posted: Sep 8, 2010 12:42:41 PM Ignore davidel57 Report Abuse do people really talk this way? “The last two days’ price action featured small-bodied candlesticks which illustrate a stalemate between the bulls and the bears,” she said in a report yesterday. “Our bias is neutral in the short term.”
PDQBlues Champion Author San Diego Posts:4,716 Points:982,400 Joined:Jan 2009	Message Posted: Sep 8, 2010 11:51:12 AM Ignore PDQBlues Report Abuse I hope it stalemates even lower. ;-)
Night Owl Champion Author Toronto Posts:5,271 Points:1,334,700 Joined:Jul 2004	Message Posted: Sep 8, 2010 10:58:06 AM Ignore Night Owl Report Abuse Oil prices are way too high right now.
Dr Gas Champion Author Twin Cities Posts:2,417 Points:301,085 Joined:May 2004	Message Posted: Sep 8, 2010 10:31:02 AM Ignore Dr Gas Report Abuse I'm sorry - this is crap. Speculators must be taking a vacation! Why do they keep posting these crazy news items?
JimTee Champion Author Tampa Posts:2,322 Points:1,190,825 Joined:Apr 2006	Message Posted: Sep 8, 2010 9:01:53 AM Ignore JimTee Report Abuse Well at least it is keep someone employed who is either watching, speculating and reporting on this craziness.
Dr Gas Champion Author Twin Cities Posts:2,417 Points:301,085 Joined:May 2004	Message Posted: Sep 8, 2010 8:39:45 AM Ignore Dr Gas Report Abuse Glad to see I'm not the only one who DOESN'T BELIEVE these crazy daily oil updates that CAN'T BE TRUE.
vandamme Champion Author New York Posts:1,021 Points:118,085 Joined:Nov 2008	Message Posted: Sep 8, 2010 7:59:01 AM Ignore vandamme Report Abuse "...and I'm sure it wouldn't interest anybody outside of a small circle of friends..." ---Tom Lehrer
Martinman Champion Author Mississippi Posts:11,765 Points:1,660,245 Joined:Sep 2005	Message Posted: Sep 8, 2010 7:55:36 AM Ignore Martinman Report Abuse Funny. Wasn't it just a few days ago, that a "Bloomberg Technical Analysis" claimed that the price of crude was headed to $60 per barrel?
ggt49 All-Star Author Grand Rapids Posts:603 Points:382,250 Joined:Apr 2010	Message Posted: Sep 8, 2010 7:28:35 AM Ignore ggt49 Report Abuse I'd like to see the prices go down.
gs7101 Champion Author San Antonio Posts:3,208 Points:245,580 Joined:Jun 2009	Message Posted: Sep 8, 2010 7:22:04 AM Ignore gs7101 Report Abuse Lately, oil prices has been more closer to $75 than $70.
ncomet1 Champion Author Michigan Posts:1,289 Points:408,780 Joined:Nov 2009	Message Posted: Sep 8, 2010 7:18:42 AM Ignore ncomet1 Report Abuse Hopefully gas prices will come down now and some more later
ENORMS Champion Author Colorado Posts:3,014 Points:1,173,185 Joined:Sep 2006	Message Posted: Sep 8, 2010 7:04:59 AM Ignore ENORMS Report Abuse It should start dropping here shortly!