Here is an updated hourly chart showing pit and electronic trading in the March crude oil futures. Tomorrow I will be switching over to the April contract which is trading about $1.20 over March, so adjust the numbers below accordingly.
March crude has entered its support zone of 59.80 to 60.20 and the next development should be a rally of 2 to 3 dollars. After this rally I think the market will continue on its way down. I think it will drop at least to $52 before there is much chance of a rally of more than $5.
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