Tuesday, August 30, 2005
Crude Oil at 11am ET
The markets seem to be dancing to crude oil's tune so I thought you might like to see an updated hourly chart of October crude oil.
Near the close of pit trading yesterday the market dropped to the bottom of its box at 66.30 and rallied. This morning I thought that it would stop at the top of the corresponding box at 68.20, but as you can see this didn't happen. Instead October crude rallied all the way to the pair of very strong resistance levels near $70 : the top of the long term box at 70.40 and the top of the trading box near 70.10.
I think prices will drop from here and will soon be below 66.00.