Oil Futures Get Ready to Drop Again

http://biz.yahoo.com/ap/080821/oil_prices.html?.v=11

As originally seen here on BccList.com, the price recently hit a resistance (floor) at $110 as I predicted.  Now trading at $121, the price will either retreat back to around $110 or near $125 before falling again.  That is, if you’re a technical trader.

P.S.  I know the chart is a few days outdated but should be good enough at predicting a ceiling around $125.

P.S.S.  While the recent drop in price has nothing to do with supply vs. demand, if demand is down the oil companies need to find a way to make money in what is typically their busy season.  Perfect timing for there to be a weird/confusing government report announcing a decrease in gasoline stockpiles (yesterday) and the potential of an unfounded war (the last few weeks), eh?

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