Thursday, December 08, 2005

Crude Oil

Here is an updated hourly chart showing pit and electronic trading in January '06 crude oil futures.

I had thought that the market was headed down after bouncing away from 60.80 but this morning we saw a small base followed by renewed upside acceleration. It looks to me like the market is headed for 62.20. My best guess is that from there it will drop at least to 57.50.

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