Wednesday, October 19, 2005

Crude Oil

Here is an updated hourly chart of December crude oil showing both pit and electronic trading.

The market remains stuck in a short term trading range and today's lower low makes a move to my 64.40 target unlikely now. I do think today's late bounce will continue up to 62.50 but after that a drop to 59.00 will probably develop. I still expect to see the market below 56.00 in a few weeks.

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