Oil on a 25mth cyclical bull run. Update 5 - oil sits in static range with potential 'breakout'

If you look at the oil price from the 1st January 2007 ($61.00) when it began it's bull run to it's peak of $147.00 (7th July 2008) - the key date for a cyclical rally again occurred again on the 1st Janaury 2009, hence the 2yr run occurring

There is a trading range sitting between supports of 58 and 70. The resistance being at 70. One should note on the daily and weekend graph that the volumes are very thin, but with the price sitting in stable range; it would indicate that a breakout could occur relatively soon through 70. Of course oil is a conflict barometer, namely the middle east and more specifically Iran. With the period leading up to the 147 market in July 2008, there was buying potential on Iran/Israel tension throughout the 2007/2008 bull run.

There is currently a 'buy and hold' on oil pending the recent Iran/US and Israel tension.

refer to graph (monthly):