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Wednesday, September 07, 2005
Here is an updated hourly chart of October crude oil.
The market is even weaker than I expected it to be and has dropped decisively below the 65.00 support level. I think it is heading for the 3/4 division point of the 9.75 to 70.80 historical range which is at 55.50.
You can see that the two biggest rallies we have seen since the 70.80 top were about $2.00 each so the next time the market rallies $1.50 to $2.00 it should halt and turn lower.