Crude Oil

Here is an updated hourly chart of November crude oil. In this morning's guesstimate I said that the 68.30 level would act as resistance. As you can see the market reached a high of 68.27 and has since dropped.

I find myself wondering how many times crude oil and gasoline futures will discount storm damage. I think the market has set itself up for a big break once Rita is history. The 55.00 level is my downside target for the next couple of months.