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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta
Message: We have a Basher on our Agoracom Board - For Jurek, and all
ChartWorks 1
PUBLISHED BY INSTITUTIONAL ADVISORS
TUESDAY, FEBRUARY 3, 2009
Technical observations of RossClark@shaw.ca
Crude Oil
Back in June the crude oil market generated a series of four weekly upside exhaustion alerts followed by
monthly signals in June and July. The weekly readings were the first since Iraq’s invasion of Kuwait in 1990
and the monthly was only matched by the major high in 1979. We are now experiencing reciprocal action.
There were four weekly capitulation alerts through December. As of last Friday the indicators are triggering the
first monthly capitulation alert in over fifty years.
The stocks have managed to hold up well since October and a close above January 28th would break the
downtrend in the XOI dating back to last May. The period of seasonal buoyancy in the sector following January
20th should be supportive over the next few months.
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