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Friday, September 16, 2005
Trading in crude oil futures has shifted into the November contract so I thought I would put up an hourly chart of pit and electronic trading in November crude oil.
As is my custom I drew the price boxes at exactly the same levels they were in the October contract.
I think the short and intermediate term trends (as well as the long term trend) are down in crude oil. Short term I expect to see 60.50 in a week or two. The intermediate term downside target is 55.50.