Wednesday, November 09, 2005

Crude Oil

Here is an hourly chart of pit trading in December crude oil.

I think the market is headed for the 55.50 level which is the 3/4 division point of the historical range of futures trading (9.75 to 70.90). Before this market can rally substantially I think we will have to see a short term wash out which brings prices down sharply over the course of 2-3 days.

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