Wednesday, December 28, 2005

Crude Oil

Here is an hourly chart of pit and electronic trading in February '06 crude oil futures.

After the market broke below its first downside target It thought it would continue to its second one. But instead it stopped in between and in early pit trading today you can see that it has rallied strongly.

This tells me that crude is on its way to 62.00 and then to 64.20.

No comments: