Tuesday, October 11, 2005
I am switching to the December contract for crude oil. You will find an updated hourly chart above this post.
In this morning's guesstimate I said that the November contract should hit 63.3o but December trades about 50 cents under November so this would correspond to 62.80 in the December contract. You can see that the market has moved visibly above that level so now I think it will continue up to the top of the current box near 64.40.
After that the bear market in crude should carry prices down to 55.50.