Keep your energy and resource stocks
Posted on Sunday, March 8th, 2009 | In Energy Markets Aden Forecast (03/04/2009)
The global economy continues to sink with each passing month. This has been keeping pressure on the energy and resource sector.So far, it looks like the worst for oil and copper (the barometers for energy and resources) was in December. As bad as the economic and financial news has been in 2009, both oil and copper have not declined to new lows. In fact, it looks like both have found a major low area.
Oil is basing at a 23-year support area while its leading indicator fell to a major low area, the lowest since the rise began in 1999. This is saying that the downside is limited and the worst is behind us.
Of course this will not be confirmed until oil can rise and stay above $46. A rebound rise would then be underway, which would provide a breather in the economic crisis. For now, oil must stay above its December low at $33.87, for the bottom to continue forming.
Keep your energy and resource stocks as the worst is likely behind us.
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