Wednesday, May 24, 2006

Crude Oil

Here is a condensed hourly chart showing pit and electronic trading in July crude oil futures. I last commented on this market here.

It now looks to me like the market is in the third phase of a three phase rally from its recent low. My target for the third phase top is 72.80. Once it is reached I expect the market to resume its drop toward 60.00 and below.

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