Oil Price

I remain interested in a possible long position in oil. This is an oversold market which is still
trending down in price. It is at significant discount to its 200 day m/a, shows as oversold on an
extended 40 day RSI and sports an attractive below 10 + DI on the short term ADX measure.
Oil normally winds up a period of seasonal weakness over the mid-jun. / mid-jul. interval.
But I plan to buy on an upturn in price with some short term support behind it. No clear entry
yet, and I may have to give it a few more weeks especially since Fed QE 3 is presently only a
sideline option. WTIC Chart

The $80 -100 bl. range shown on the chart reflects my expectation of the likely range over the
remainder of 2012.