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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
Home / Markets / Industries / Energy
Tuesday, May 06, 2008
Goldman Expects $150-$200 Oil
FOXBusiness
Goldman Sachs said they expect a “super spike” in the price of oil over the next six to 24 months that could push oil to $150 or even $200 a barrel.
“We believe the current energy crisis may be coming to a head, as a lack of adequate supply growth is becoming apparent and resulting in needed demand rationing in the (developed nations) and in particular the United States," the bank said in a research note Monday, according to Dow Jones.
Goldman (GS) also said they are unsure how much longer the upside on the price of crude will remain.
The price of crude oil has gained more than 20% in the past five months on increased economic demand worldwide and possible market speculation.
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