Quote

Aden Forecast "Oil rising above $74.50 would boost resource and energy shares."

ReportEnergy
Date06/11/2010
Loaded Date06/15/2010
TitleBottoming?
Quote"Basically, most of the markets appear to be bottoming. This goes for stocks, the resources, major currencies and interest rates. While it's still too soon to be sure, nearly all of these markets moved up this week from extremely oversold levels.

We'll soon see if this proves to be the case. If so, then these markets will continue to rise further in at least a normal rebound rise following their sharp declines. That in turn will provide a good opportunity to sell at a better price, lighten up and/or make adjustments on some of our positions, depending on how the markets and developments unfold.

Taking a closer look, today we're showing you some daily charts of this year's price action.

energy commodities

The Dow Industrials, the other U.S. stock indices and most of the global markets are starting to move up, but they're not out of the woods yet. A renewed rise would be reinforced if the Dow can now rise and stay above 10280.

For the oil price, this would be signaled above $74.50. Above this level, rising oil would also provide a boost to the resource and energy shares.

Interest rates are similar. Here the number we're watching is 4.30% on the 30-year yield."