Castanet.net - Rallies & Reversals

Expect to pay more at the pump
The energy sub indices closed at $364.45 on Friday April 4, 2008. The high last year was $373.89 on July 19, 2007 and the low was $279.07 on Jan 23, 2008. This represents a decline of 17.8% from the peak to the trough. On an absolute basis energy has outperformed the S&P/TSX over the last year. Since the beginning of this year the lows are getting higher and the highs are getting higher which suggests a bullish trend from a technical perspective. The next point of resistance is at about 373 to break through it’s 52 week high. No wonder you are paying so much at the pump. We could see this trend continue over the summer. This article is for information purposes only. It is recommended that individuals consult with a financial advisor before acting on any information contained in this article. The opinions stated are not necessarily those of Scotia Capital Inc. or The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.

The energy sub indices closed at $364.45 on Friday April 4, 2008.



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Posted: Apr 7, 2008 / 4:30 am Story# 38507 / Contributed

About the Authors

David Allard has 16 years experience in the financial services industry. He specializes in creating and managing integrated and comprehensive wealth management solutions for affluent clients. Most recently David was a Portfolio Manager for a leading Canadian investment management and private banking firm. He graduated from the University of Manitoba with a degree in Economics. He also completed an MBA degree. David is a member of the Chartered Financial Analyst (CFA) Institute and a founding member and past president of the Okanagan CFA Society. David resides in the Okanagan with his family. His interests include golf, tennis, mountain biking, skiing and triathlons. Over the years, David has volunteered with the Canadian Cancer Society, United Way and Big Brothers.

Email: david_allard@scotiamcleod.com

Website: http://www.yourlifeyourplan.ca

The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet presents its columns "as is" and does not warrant the contents.

These articles are for information purposes only. It is recommended that individuals consult with a financial advisor before acting on any information contained in this article. The opinions stated are not necessarily those of Scotia Capital Inc. or The Bank of Nova Scotia. ScotiaMcLeod is a division of Scotia Capital Inc., Member CIPF.

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