Friday, December 09, 2005

Crude Oil

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

Yesterday I thought the market would make it up to 62.20 but the upside breakout turned out to be a head fake and now the market is headed for what I think will be a higher low in the 57.00 to 57.50 range. After that crude will probably rally above 62.00.

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