Here is an hourly chart showing pit trading in December crude oil futures. I am switching to the December contract today which is trading about 1.70 over November. I last commented on crude oil here.
As you can see the market has bounced off of the 59.00 level three times so far, and the first two rallies ended at lower tops. I think this third rally will also end at a lower top, probably near the 60.30 level. Then I shall look for a brief drop to new lows near 58.40. This should be followed by and extended rally of 4 or 5 dollars.
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