Wednesday, August 24, 2005

Crude Oil

This morning crude oil was tested by the weekly release of the inventory numbers. As you can see in the hourly chart of October Crude above the market zigged and zagged a bit on the news but basically seemed indifferent. Then later in the day it moved decisively above the top of its most recent box. I still think this market is headed for a big break soon but meantime it will rally to the 1/2 point of the current box at 67.40.

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