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Monday, June 27, 2005
The hourly chart of August West Texas crude oil above shows the short term boxes for the trend up from the May 20 low. The market has just hit the 1/2 point of a box at 61.00 but on past form I would expect it to go a bit above this level before reacting. In any case the 61.00 to 61.50 zone should prove to be strong short term resistance and a break of at least 1/2 a box from there is my expectation.