The 120 minute chart in the left frame shows April crude oil found support along the lower volatility band sloping sideways around 10425, from where April crude formed a price base for higher. The volatility contraction we saw from Monday's spike high would appear to be about done, and another run of volatility expansion to the upside is expected on the intraday chart with all trade above 10425.
The daily crude oil chart in the right frame shows us that the rate of change coming off the Feb 15 low is greater than the rate of change during Hurricane Ivan and two of the final three legs higher in 2008. In other words we are experiencing a price shock in crude oil prices that exceeds most precedents one can find in the past decade.
NATO meets for a two day meeting on Thurs-Fri to discuss a no-fly zone over Libya. On Friday, there is a Day of Rage Protest scheduled in Saudi Arabia. The House of Saud is trying to keep this out of the media….
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