Tuesday, January 03, 2006

Crude Oil

Here is an hourly chart of pit and electronic trading in February crude oil futures. The market has rallied to within 40 cents of my upside target of 64.30. I think it will take a peek above the 64.00 level but that should be it on the upside for several weeks at least. The next big move will be downward to near the low of the current trading range near 56.00.

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