Monday, March 20, 2006

Crude Oil

Here is an hourly chart of pit trading in May crude oil futures.

I had been looking for a move to 66.20 but the market only managed to reach the 65.50 level before turning lower. ( The price bar which has its high at 66.30 contains a "bad tick" and records a data transmission error.)

As you can see the market today broke below its March 16 session low and is accelerating downward. I think this means that it is now heading for the 56.80- 57.20 zone.

No comments: