Monday saw something of a bloodbath on Wall Street, with the Dow ($INDU) plunging over 500 points at its worst and the S&P 500 ($SPX) and Nasdaq ($COMPQ) falling over 1%. Higher oil prices, triggered by tensions in the Middle East, played a big hand in Monday’s market mayhem. In the blogosphere, other topics like a historic crude oil short squeeze and fears of a looming Israeli attack on Iranian oil and gas infrastructure made the headlines. Is it time to go long? With oil spiking, could there be an opportunity to ride the wave with gasoline, given the usual lag? How high could oil climb? And with the current geopolitical tension, could we see a longer uptrend in oil or gas? What levels should you keep an eye on? Let’s pause and break down what’s happening with oil and gas prices in technical terms. What’s Going On with Oil…
