Tuesday, January 17, 2006

Crude Oil

Here is an hourly chart showing pit and electronic trading in March crude oil.

I didn't think the market would make it above 65.00 but it did and now I estimate that today's high at 66.90 will halt the rally. The next move will be downward to 62.00 and then to the low of the current trading range in the March contract at 57.00.

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