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Oil Prices: Is a high in sight?

Posted May 14, 2008

“We saw exactly the same thing with uranium last year, we saw it with wheat, corn and soybeans this year; we saw it with copper, lead, zinc and nickel, we’ve just seen it with rice.” — Dominic Frisby

by Dominic Frisby, MoneyWeek

Baltimore – (TFN): When a commodity or stock breaks out to new highs, as oil has done again this week, it’s extremely unwise to go short, as many are suggesting. I have no doubt, of course, that now I’ve said that in print, it will mark the top of the market.

But from a technical analysis point of view, there is no longer any overhead resistance - nothing to stand in the way – and oil prices could go anywhere. But where?

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We saw exactly the same thing with uranium last year, we saw it with wheat, corn and soybeans this year; we saw it with copper, lead, zinc and nickel, we’ve just seen it with rice; we saw it with UK housing; we saw it to an extent with gold, though that one didn’t run wild; we’re seeing it with coal and iron ore; and we’re starting to see it with food.

In these inflationary times, it’s going to be a recurring vision, so better get used to it. But just how far are oil prices going to go? Read on to learn the answer.

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Posted by Dominic Frisby · Filed Under Oil and Energy 

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