Friday, January 20, 2006

Crude Oil

Here is an updated hourly chart of March crude oil futures.

I had expected the market to rally from 55 to 64 but the extra 5 dollars on top of 64 has been a surprise to me. Still, I think that crude is heading much lower and will not go above the Katrina top at 70.90. My best estimate of resistance after the 66.90 level is 69.50.

No comments: